- British Crypto Firm Saga Develops Libra-Esque Stablecoin SGA
- Numerous Japanese Banks Join JPMorgan's Blockchain-Powered Network
- Hackers Seize Argentinian Government's Data and Demand Ransom in Bitcoin
- US Senator Bernie Sanders' "High-Speed Internet for All" Would Boost Crypto
- Crypto Scam Coinjer Attracts Victims by Promoting Free Bitcoin Reward
The Brazilian football club Atlético Mineiro revealed on December 13 that it has created an encrypted token called GaloCoin to help foster a better connection between the club, its fans, and its business partners. The digital currency was named after the club’s mascot, Galo, which translates in English to ‘rooster.’
According to the club’s management, the token was created to provide a special marketplace for the club. With this token, interested fans can now enjoy uninterrupted communication with happenings in the club. GaloCoin also provides fans with an easy and secure means to purchase tickets to matches and the club’s official apparel.
The token which was built on Footcoin, a blockchain-based platform that leverages an Ethereum-powered core to issue crypto tokens, will provide the club’s fans and business partners with special advantages and experiences while also giving them the opportunity to enjoy special discounts on products and services. Although the services listed at the moment are limited to insurance, health, transport, and financial sector, the management promised the fans that plans are underway for more services.
The club management expressed their excitement over the crypto innovation and affirmed that this new innovative GaloCoin is a part of an integrated e-commerce platform in the marketplace. Trading with the crypto-coin on the platform will offer various benefits to fans while generating revenue for the club as well. The token, which is measured by Brazil fiat currency – Real – is made available to fans and the general public on the platform. Those interested can visit the platform at galocoin.club to make a purchase. The announcement issued by the club stated that utilization of the digital coin is only allowed after a fan has acquired up to 50 GaloCoins, the price of which is equivalent to $13.
This event makes Athletico Mineiro one of the first Brazilian football clubs to use blockchain technology as a means of payment. Integrating the football universe and the crypto sphere into a single ecosystem has been the hallmark of the year so far as tons of football clubs have made active efforts to launch their crypto coins and many others are underway.
The football clubs that are members of the crypto token wagon include but are not limited to Paris Saint-Germain (PSG), Juventus, Tottenham, Leicester City, Hotspur, Newcastle United, Cardiff City, and Brighton.
The Union of European Football Associations (UEFA) also tried out blockchain technology this year for the 2018 UEFA Europa league. Reports have it that about half of the tickets sold were sold through blockchain-enabled applications.