Real Bedford secures £3.6m crypto investment

A non-league football club has received a $4.5 million (approximately £3.6 million) injection from two crypto investors.

Real Bedford FC (RBFC) has received a Bitcoin investment from Winklevoss Capital, an investment firm owned by Gemini founders Cameron Winklevoss and Tyler Winklevoss.

Podcaster Peter McCormack bought the team, currently in England's ninth tier, in 2021 with the aim of turning it into a Premier League club.

Following the investment, the twins will assume the role of co-owners of the club along with the crypto podcaster.

The Winklevoss brothers are no strangers to controversy. They famously accused Facebook founder Mark Zuckerberg of stealing the idea for the site while they were together at Harvard University.

After a lengthy legal battle, the twins ultimately received a settlement that included $20 million in cash (approximately £16 million) and shares in the company.

You may remember it all unfolding in the 2010 Oscar-winning film The Social Network. Since then, the two have continued to fly the flag for cryptocurrencies and are two of the world's first famous Bitcoin billionaires.

Not only do Tyler and Cameron own a huge amount of Bitcoin, they also built a crypto exchange called Gemini, which is essentially a stock exchange for crypto coins.

However, the effort was not smooth sailing. Just this year, it was ordered to refund more than $1bn (£800m) to customers for scrapping loan programs and pay hefty fines for unsafe and unsound practices.

It will be interesting to see what their fate will be in terms of soccer, but this is by no means a bad time for Bitcoin. Its value has risen to an all-time high in recent weeks.

Gemini began sponsorship of the club in January 2022.

The investment will be used to develop a new training centre, launch a football academy for new talent and continue to support women's and youth football.

The club said the funds would also be used to establish a “Bitcoin vault to secure the club's long-term ambitions”.

Tyler Winklevoss said he is excited to work with McCormack as co-owner.

“We share Peter’s deep belief in Bitcoin and its ability to accelerate RBFC’s quest to enter the Premier League,” he said.

His brother added: “We're not just investing in a football club, we're investing in the dream of bringing Premier League football to Bedford.”

RBFC currently sit at the top of the Spartan South Midlands Football League Premier Division.

Mr McCormack said: “Tyler and Cameron's support will enable us to continue to invest in Bedford and the local community.”