The crypto-football relationship continues to flourish. Quantocoin recently made history by being the first platform to use virtual currency to purchase a stake in a football team.
The cryptocurrency industry is all about innovation. It’s also about competition and survival of the fittest, kind of like football. This is probably why many sporting teams and organizations are so keen on crypto.
Earlier this year, a Turkish football player was purchased with Bitcoin and even a big-name player like Bayern Munich star James Rodríguez introduced his own cryptocurrency. Another notable move was eToro entering the arena. The social trading platform signed sponsorship deals, paid in crypto, with seven major English Premier League clubs.
A Trailblazing First for Football
Now it’s Italy’s turn to get in on the action. According to Forbes, the Serie C club, Rimini FC 1912, has welcomed Quantocoin to their team. The blockchain-based platform, which provides a range of digital financial services, purchased 25% of the team and paid for that stake with their native currency, QTC.
While this is the world’s first instance of a football team being bought with crypto, Quantocoin’s Pablo Dana believes that it definitely won’t be the last, saying:
I think it’s the beginning of something incredible if someone agrees to sell a club worth millions of Euros in cryptocurrency. These are innovators with a very long-term view. I think sports companies will start to use cryptocurrencies far more frequently and we have made history by being the first one.
A spokesperson for eToro also mentioned how these types of deals are just the first step, stating:
These partnerships mark the first step in bringing the opportunity offered by Bitcoin and crypto assets to football.
Encouraging Transparency Through Blockchain
However, it’s not just about setting the trend. Dana believes blockchain-based platforms like Quantocoin are essential for the future of the game, a future free of bribes and corruption. Because the records on blockchain are immutable, there’s nowhere for bribery and shady deals to hide. Dana added:
We are working exactly on the ideas that UEFA want to put into place. This is transparency in football and we are looking to reduce corruption through our Quantocoin platform.
Transparency is a key priority for UEFA, who previously requested that all clubs publicize their financial information, including transfer and agent fees. Having this type of information available on the blockchain could make monitoring it that much easier.
Sports is a multi-billion dollar industry with a global base of stakeholders. It could be the ideal conduit to encourage mass crypto interest, awareness, and, hopefully, adoption.
Do you think we’ll soon see an increase in crypto-purchased football teams? Let us know in the comments below!
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