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Why Is Japanese Soccer Star Honda Paid In Digital Coins?

Japan is at the forefront for adopting cryptocurrencies as means of payment through the activities are dull now after the regulator started reviewing the cryptocurrency exchanges. However, Bitpoint, a Japan-based digital currency exchange, wanted to promote its brand and roped in professional soccer star, entrepreneur, and investor, Kesuke Honda to do it. There were initial reports that he was paid $40 million though it was not correct. A commercial was shot in Hollywood for the crypto exchange.

Younger Generation

The focus is obviously on the younger generation since the digital currencies are quite popular among them. Therefore, it is quite natural that enterprises want to rope in celebrities and sustainable public characters to boost their image apart from popularizing the cryptocurrencies. The overall market is going through a sluggish phase for different reasons. Back home in Japan, the regulator found lack of internal checks in several virtual asset exchanges during its recent inspections.

As a result, the national cryptocurrency exchanges needed a big boost to lift their images. Honda is not the only one to have struck a deal. For instance, another soccer player from Japan, Shinji Kagawa, has struck an agreement with GMO Internet Group. The deal was meant to promote the corporate brand, as well as, products as the business was keen to challenge overseas business. That is because the company is creating internet infrastructures in South East Asia with the help of Z.com.

Therefore, GMO is finalizing individual sponsorship deals with popular professional soccer stars in every country. Since 2016, Kagawa has been involved as a brand ambassador for Z.com. Though the companies confirm that the payment was made through digital coins to contracted superstars, there was no mention of the amount paid to them. Honda said, “Regarding the theme of the promotional movie, I thought there was a part that matches my own personal goal in life, that is to aim every day at becoming the world’s best [player].”

Significantly, Bitpoint was served with a business improvement order by the Financial Services Agency (FSA) in June this year. As a result, the company has been desisting from any marketing campaigns for aggressive business expansion. However, the exchange disclosed that it has already submitted a plan on July 23 and is working on executing the business improvement plan.

Strengthening Management

In a statement, Bitpoint said, “With this promotional movie featuring Keisuke Honda, we wanted to show the public that we are currently strengthening our management system.” In a nutshell, the company is keen to refurbish its image after the regulator issued a business improvement order. The company is hoping that its promotional activities will deliver the expected results.

During the 2010 World Cup held in South Africa, Honda was responsible for shooting two decisive goals. He is active during the current year’s Football World Cup held in Russia with the national team. The United Nations Foundation has named him as Global Advocate for Youth in June 2016 and was responsible for opening over 60 soccer schools.

Joel is an entrepreneur specialized in the international business development and project management. He graduated from Indiana University’s Kelley School of Business with a degree in Finance and International Business. He is currently working on decentralized autonomous organization (DAO) along with SocioVibes.