Alfa Romeo announces Stake as its new cryptocurrency sponsor

The partnership marks the Italian automaker's first-ever venture into the world of cryptocurrency.

Stake is a cryptocurrency platform that allows users to buy, sell, and store Bitcoin, Ethereum, and other digital currencies. This partnership is part of Alfa Romeo's efforts to expand its presence in the digital world. It will also promote the use of cryptocurrency in the automotive industry.

In the 446 word press release that accompanied the announcement of Alfa Romeo's new sponsorship with Stake.com, the word crypto was not heard even once.

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Known as the entertainment and lifestyle brand, Alfa Romeo has become the latest Formula One company to work hand in glove with a crypto brand, earning them 100 million dollars over three years. This move is the latest in a progressively aggressive campaign by Stake to stage its name on the world stage. It is a wonder to see that the Premier League football clubs, UFC fighters, and even the popular singer Drake have taken the money of Stake to promote the brand. 

However, Alfa Romeo is not the first to take crypto money, but the difference is that they are doing so at a time when other teams are dropping their sponsors. Mercedes team removed FTX after the $32 billion company filed them for bankruptcy. The Ferrari team dropped Velas after the value quickly dropped from $0.001 to $0.000081. So it shouldn't be a surprise that Alfa team were wanting to hide the crypto element behind their new sponsor.

Stake may not be like the others previously mentioned, which would be operating as a crypto casino instead of a marketplace, but now the absence of the term in Alfa’s press release is noticeable, especially when there is, like the idiom says, "more than meets the eye".  The site Stake.com uses a legal loophole that will be based in Australia, despite online casinos being banned in the country upon first glance, Stake appears to be based in the Caribbean with the holding company in Curaçao. It is just off the coast of Venezuela, but when takes a closer look you will see that everything is not as it seems.

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In the investigation in 2021 by some Australian outlets, the Age and the Sydney Morning Herald, revealed that the company was not operating out of Curaçao but was actually based more than nine thousand miles away in Melbourne. 

This confirmed conspiracy raised red flags from anti corruption and anti-gambling ambassadors in the country, as casinos operating online were banned in Australia in the year 2001, making it illegal for companies to offer their service to Australian residents. However, a loophole allows a company to be in the country as long as it does not provide the site to the Australians. The company is also not allowed to showcase in Australia and as it is officially registered and licensed in Curaçao, it is based outside Australia's money laundering laws. 

As reported by the Sydney Morning Herald in 2022 in September, Christopher Freeman was a former associate and colleague of Craven and Tehrani, word is he is suing for damages, he claims that he was misled into not participating in the formation of Stake.com. As a result of this, he is asking for $400 million dollars in damages, with Stake.com being listed among the defendants in the case.

Mr Freeman claims that he was a childhood friend of Tehrani and that where they were in Tertiary education, they created a casino business called Prime dice. He went on to allege that he rightfully owns a 20% stake in the company, while Tehrani and Craven both held 40%. 

Years back in 2016, he claimed that he had raised the idea of a cryptocurrency casino but Tehrani and Craven were not interested in his idea because of the potential issues with regulation, yet now they have scammed him.

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