Monday, July 15, 2019

Cryptocurrency and Soccer: Italian Club Share Purchased With Cryptocurrency

An Italian Serie C soccer club share was exchanged for cryptocurrencies. The share sale for cryptocurrency is the first of its kind in the sports sector, as cryptocurrency continues its expansion towards global adoption.

Soccer Club Shares Purchased with Cryptocurrency

Rimini FC, 1912, an Italian Serie C soccer club was purchased with cryptocurrency. A total of 25% share of the football club was purchased using Quantocoin, by Quantocoin crypto firm, a Gibraltar based firm.

The buy is the first of its kind in the sports industry, though there have been previous reports of transactions carried out using cryptocurrencies between corporate organizations and clubs.

A spokesperson for Quantocoin stated that this is just the first of many investments the firm plans to make in the soccer industry.

Quantocoin – The Cryptocurrency Capable Of fighting Corruption in The Sports Industry

Corruption cases have been trailing soccer, especially the world cup bidding and voting processes among others. This has placed a taint on the face of the sport.

The Quantocoin a cryptocurrency that offers blockchain technology for alternative cryptocurrency payment for investors is set to transform the sector with its features.

It seeks to bring transparency into soccer transactions with its payment system. The Quantocoin payment system logs every payment made through a network of autonomous and incorruptible constantly updating nodes. This ensures transparency on the platform on any form of transaction.

Pablo Dana, a partner, and CEO at Quantocoin states that the firm is working to fulfill the demand of UEFA for transparency in soccer and reduction of corruption. UEFA has already stated that every soccer club must reveal the details of their spendings next season, as it’s aimed after transparency and fight against corruption in soccer. Dana further stated that “I think it’s the beginning of something incredible if someone agrees to sell a club worth millions of Euros in cryptocurrency.”

Cryptocurrency and Soccer

The recent interaction between cryptocurrency and soccer would soon make soccer a hub for the cryptocurrency. Expectedly players wages, match gate fee among other would be paid with cryptocurrency very soon.

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However, before then, cryptocurrency has made a giant stride in soccer. Recently, Etoro, a multi-asset trading platform that permits trading eleven cryptocurrencies on its platform signed a sponsorship contract with seven English premier league clubs. A spokesperson for Etoro stated that “these partnerships mark the first step in bringing the opportunity offered by bitcoin and crypto assets to football.”

Also notably, a 22-year old, Omar Faruk Kiroglu became the first soccer player to be purchased with cryptocurrency earlier this year.

Etoro partnership, Quantocoin’s goal among others will continue to bring cryptocurrency closer to soccer, as more adoption is expected in the future.

Jide Idowu
I am Jide Idowu. A stay-at-home dad and a cryptocurrency enthusiast. I have had my hands on freelance writing for over five years, researching and writing guides, reviews, and latest cryptocurrency news for various blogs and individuals world over.

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