Cryptocurrency twins finalise football investment

A non-league football club has finalised an investment deal with two major cryptocurrency investors.

Real Bedford FC, currently in the eighth tier of English football, has received £3.5m from Gemini founders Cameron and Tyler Winklevoss.

The team is in discussions to merge with Bedford Town, which is in the seventh tier.

Bitcoin podcaster Peter McCormack bought Real Bedford - then in the 10th tier and called Bedford FC - in January 2022 as part of his plan to grow the town's football ambitions.

The tech twins announced their intention to make the investment in April 2024 after currency exchange Gemini started its sponsorship in January 2022.

It was said the investment would be used for the development of a training centre, the launch of a football academy for new talent and to continue supporting youth football.

The move means the twins will assume the role of co-owners of the club alongside the cryptocurrency podcaster.

"The fact the Winklevoss twins are now co-owners is massive," Mr McCormack told the BBC.

"They want to be involved in the running of the club and I will do the day-to-day business but we will be speaking regularly.

"This investment is huge for the town of Bedford. The money will be used to help the club pursue its league ambitions."

He added the merger contract was "an ongoing process" and he was speaking with both sets of fans.

Cameron and Tyler Winklevoss accused Facebook founder Mark Zuckerberg of stealing the idea for his site from them when they were all at Harvard together.

Following a lengthy lawsuit, they eventually received a settlement that included $20m (£16m) in cash and shares in the company.

The story was told in the 2010 Oscar-winning film The Social Network. Since then the pair have become two of the world's first well-known Bitcoin billionaires.

As well as owning a large number of Bitcoin, they also built a crypto exchange called Gemini, a stock exchange for crypto coins.

Last year they were ordered to return more than $1bn (£800m) to customers due to a defunct lending programme and pay a large fine for unsafe and unsound practices.

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