The Série B club which was founded in 1923 will be the first football club to create a digital currency. A report by Inside Football world revealed that the Initial Coin Offering (ICO) of the cryptocurrency is aiming at raising $20 million.
The club’s proposed cryptocurrency is dubbed the Avaí FC Token. And the Initial coin offering will be commencing through October 3 to November 3. In addition, the report revealed that the token is currently priced at $1 for a token.
The club reportedly stated the club will be holding 7% (1,540,000) of the tokens total supply. It added that the minimum cap is set at $8 million
Avaí has partnered with SportyCo in order to create a blockchain platform where the token can be spent. The co-founder of SportyCo Marko Filej stated that the global sports industry will be revolutionized by the ICO. He added that Avaí FC token holders will be able to buy the club’s merchandise, and tickets. Filej went on to reveal that the token’s utility will be upgraded later in the future.
Avaí FC token will be listed on major crypto exchanges for people who are more interested in trading it. Also, Avaí Futebol Clube promised that it will be giving Avaí FC token holders a valuable experience and, services.
Avaí revealed that it launched a cryptocurrency project because it intends to raise money to help the club’s promotion push to Brazil’s Série A. in addition, funds raised will be used to upgrade the club’s infrastructures. The club president Francisco José Battistotti, reportedly stated that the ICO will help the club increase its fan base.
Further, Battistotti stated that Avaí’s crypto project will pave a way for other sports clubs to adopt cryptocurrencies.
Football Exploring Cryptocurrency?
Cryptocurrency and blockchain are becoming prominent in the sports world. A January report revealed that Arsenal Football Club signed a deal with CashBet. In July, Coinpedia reported that Gibraltar FC will be accepting cryptocurrencies as payments.
Also, some influential figures in football have publicly supported blockchain and cryptocurrencies. The likes of Ronaldinho, Didier Drogba, Messi, and Luis Suarez have been known to embrace the concept of digital currencies.