AVAI FC Soccer Team Launches ICO To Raise $20 Millions In Brazil

Brazilian professional soccer club, Avai FC have teamed up with Blackbridge Sports and SportyCo to launch an ICO in other to raise funds for the team.

Sports And Cryptocurrencies

Soccer in Brazil is more than a sport; it’s a way of life or culture. So, the decision of the foremost Brazilian football outfit, Avai Football Club to launch an initial coin offering is considered by many as a welcome development, as it will strengthen the ties among the supporters, the club and the crypto community.

The elite soccer club revealed that the main reason for the launch of the proposed initial coin offering is to raise funds for the soccer club and to keep it economically healthy so that it can compete favorably with the other teams in the Brazilian league and continental competitions if need be.

The decision to partner with SportCo, a sport-focused community and Blackbridge, a firm that prides itself as an expert in raising funds is regarded as a step in the right direction, as both firms will help raise funds during the ICO in other to achieve its set goals.

SportyCo revealed the news on its verified Twitter account, stating:

“We have a major announcement today! The first ICO by a SOccer club!”

The new partnership, which is expected to raise $20 million through the ICO, is already breaming excitement among the partners. Marko Filej, the Co-founder of SportyCo said in a recent statement that:

“We look forward to working with Avaí FC and see how they intend to launch their new digital currency with the SportyCo platform that has always been leading innovation in the world of sports finance and sportsmanship. With this initial money offer, we are opening a new chapter in soccer and the sports industry in general.”

This latest development is coming at a time when a global cryptocurrency adoption is on the increase. Politicians in the United States will be accepting cryptocurrency as part of their campaign fund, especially Bitcoin.

The president of the soccer club, Francisco Jose Battistotti also stressed that the aspiration of the club on both the domestic and the international competition, led the club to make such a decision:

“With our ICO, we are actively seeking to reach a global Soccer fan base, and we are attentive to everything that surrounds Avaí’s environment in Florianopolis and Brazil,” the President stated.