Sunday, August 25, 2019

Gibraltar United Soccer Team Will Pay Players with Cryptocurrency

While the world watches, cryptocurrencies are getting into every little thing that we humans do. Now it has also reached the world of sports, into a tiny little peninsula Britishish origin called Gibraltar, where one of their soccer teams has made history by being the first federated sports team to sign a contract that allows them to pay their players with cryptocurrency, according to The Guardian.

Paying in cryptocurrency is being more and more common now, with announcements recently that regulations have been put to support these payments in several countries like in Costa Rica, where now workers can be paid with cryptocurrencies as BTCNN reported last week. And while some criticism has surely been raised, there is no doubt that having the possibility of doing so is being considered a good thing for the society.

But now, a little second division team of Gibraltar is making waves by being the first federated sports team that has accepted to be paid in cryptocurrencies. The red devils, as they are called, who have a stadium with a capacity of just 5,000 fans have gotten into the books by this strange fact for a team founded in 1943. But why has this happened?

Their owner, Pablo Dana, is a known cryptocurrency enthusiast and has invested heavily in a sports-based cryptocurrency called Quantocoin, through one of his companies called Heritage Sports Holdings. He also has a prominent story in the soccer business, commonly appearing as a facilitator for deals between high-class teams. This extensive story has made possible to link the world of soccer business and the world of cryptocurrencies to achieve this major breakthrough.

Related Article:  Iran Envisages Using Cryptocurrencies To Ease Dodge U.S. Sanctions

Though the details of the agreement have not been made public, and the cryptocurrency that has been elected for the payments has not been mentioned yet, this is still a push in trust for cryptocurrencies and also a first for the world of soccer, coming from a little team.

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