Saturday, July 20, 2019

Brazilian Football Club to Accept Cryptocurrency as Payment for Game Tickets

Atletico Mineiro, a Brazilian football club wants to launch a fan token which can be used to buy game tickets, jerseys, and also get customized services. Plínio Signorini, the club’s Director of Administration and Control revealed this on Youtube. If all goes as planned, the Atletico Mineiro will become the first club in the Latin American country to adopt cryptocurrency as a method of payment.

Galacoin Gets Its Name From the Club’s Mascot

The proposed virtual currency is called Galacoin and it adopts its name from the club’s mascot, Galo. Although the digital asset will be backed by the country’s fiat money, Reais, about 3 tokens will be issued for every $1 paid. But then, before anyone can own this digital asset, they must buy at least 50 tokens which are worth $13.

Galacoin being backed by a fiat currency will aid in its stability. This means that it will be less volatile than other cryptocurrencies such as Bitcoin. The use of this digital asset will allow soccer fans in the region and outside the country to purchase tickets with ease. The sales of such tickets will also be traceable and accountable for on the Blockchain.

Ethereum Blockchain to be Used to Aid Galacoin’s Transactions

In line with that, the Blockchain technology that is employed for this cryptocurrency is Footcoin. This is a platform that is based on the Ethereum Blockchain and allows utility tokens which adhere to this network standards to be distributed. Therefore, Galacoin is also expected to meet the rules set for all Ethereum based tokens.

Related Article:  Former Advisor Of US Treasury Says Blockchain Is A 'Complete Nonsense'

Plínio Signorini said that the goal of launching a digital asset is to benefit both the supporter and the club. He is also hoping that more projects will be launched using the distributed ledger technology. If this happens, the club will be strengthened from an administrative and sporting point of view.

Football Club Owners and Members are Adopting Blockchain

The Sports industry has been actively involved when it comes to promotion of the Blockchain technology. Ronaldinho, the Brazilian football legend is also known to have created the cryptocurrency, Ronaldinho Soccer Coin (RSC). Lionel Messi, Michael Owen, Luis Figo, are reputable names that have either created a coin or supported the launch of others.

Reports also reveal that a football club is now paying its players with cryptocurrency. This is Gibraltar United FC, a football team from Gibraltar which was created by Pablo Dana. The owner has said that other clubs who are interested in the Distributed Ledger Technology can also adopt its cryptocurrency.

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