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Arsenal have signed a sponsorship deal with US cryptocurrency 'CashBet', becoming the first major global sports team to engage in such a partnership.

The deal will see the Premier League outfit advertise CashBet around the Emirates Stadium during all of Arsenal's home games in the league, according to reports from the Guardian.

Upon the announcement, the club's chief commercial officer Vinai Venkatesham said: "We are pleased to welcome CashBet Coin as our partner.

"We are looking forward to working with CashBet Coin as they launch their new crypto-currency."

Meanwhile, the company itself have admitted their delight at the agreement, citing it as an opportunity to expand through: “actively targeting a global, multibillion dollar marketplace of iGaming content providers, operators and players”.

CashBet, formed in 2012 in California originally as an online gaming business, will promote the launch of their new Initial Coin Offering (ICO) alongside images of the North London side's crest and players on their website.

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Despite the evident joy of both parties involved, there has been some criticism of the deal, in lieu of the volatile and unregulated nature of crypto-currency.

Indeed, the Financial Conduct Authority has declared such ICO's as: "high-risk, speculative investments".

However, there has been no comment from Arsenal regarding the controversy, with the club claiming they are solely focussed on the second leg clash with Chelsea in the Carabao Cup Semi-finals. 

The Gunners have already had an eventful January transfer window, with Theo Walcott, Francis Coquelin and Alexis Sanchez all departing the club, and the aforementioned investment may help the proposed acquisition of Pierre-Emerick Aubameyang get over the line. 

If Arsenal were able to complete the deal, despite Dortmund's purported stalling in order to search for a suitable replacement, the Gabon international would join his former teammate Henrikh Mkhitaryan at the Emirates.