Southampton have signed a new sponsorship deal with Coingaming Group, and reportedly can receive performance-related bonuses in the form of Bitcoin.

The cryptocurrency was launched in 2009 and has more than doubled in price this year, with Bitcoin believed to have the power to eventually replace sterling.

Bitcoin has been used in the football industry before now as clubs including Tottenham Hotspur and Southampton have set up digital wallets with an online trading platform.

According to the Daily Mail, the deal was concluded last weekend and it is understood that the sponsorship agreement could be the biggest in Southampton's history.

David Thomas, the chief commercial officer at St Mary's said: "The team at Sportsbet.io have built a successful business by challenging convention and disrupting the market, but in a responsible way, and their approach to our partnership with them has been no different.

"In a short timeframe they've proven to be innovative, forward thinking and extremely supportive of the club, our fans and the wider community, and we've welcomed the opportunity to develop and promote safe gambling messages together."

Ralph Hasenhuttl's side currently sit 14th in the Premier League, with an FA Cup semi-final to look forward to on Sunday.