Tuesday, February 25, 2020

S.L. Benfica and UTRUST Partners, Bringing Cryptocurrencies To 14 Million Soccer Fans

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.

A popular Portugal-based football club, S.L. Benfica recently partnered with popular fintech firm, UTRUST. The new partnership enables the club’s football fans to pay for game tickets, purchase merchandizes on the club’s online store, among others, using the two topmost cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).

According to UTRUST’s statement, Benfica’s decision to accept cryptocurrencies will cut down transaction times, since it took a couple of minutes to get transactions validated on the blockchain.

Accepting cryptocurrencies, as explained, will also eliminate chargebacks, which sometimes occur with credit or debit card payments.

“The core of UTRUST’s technology will allow Benfica to take advantage of the increased security and convenience of cryptocurrency payments whilst protecting the club from market volatility. It will also significantly reduce processing fees and eliminate inconvenient credit-card chargebacks and fraudulent payments. Most importantly, Benfica will be able to settle payments directly to its bank in fiat on the very same day they are received.”

This, however, is good news for all parties involved. Fans who are crypto lovers now have one more way to spend their crypto assets. Regarding the club, there is a very high chance it may be adding up to its already wide global fanbase of about 14 million fans. And for UTRUST, hitting another milestone and continuing on its mission to making cryptocurrency much usable for everyday life.

Crypto + Soccer

There’s been a couple of marriages in the past between soccer teams and cryptocurrencies.

BTCNN back in December of 2018 reported about a Brazilian soccer club launching its own cryptocurrencies for its fans.

In the same month, a Dutch cryptocurrency firm, Libereum acquired a Spanish football club, Elche CF.

Also, in April 2019, Justin Sun, Tron’s founder had hinted the community about the upcoming partnership between its project, Tron and Liverpool FC, the famous English club side.

The Effect Of This Partnership On Global Adoption

This new development is a healthy one. Hopefully, this will not just appeal to bitcoin and ethereum holders alone but also bring the awareness needed for the crypto industry – bringing these cryptocurrencies to about 14 million people globally. And when this happens, it could be the moment everyone has been awaiting.

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