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Portuguese sports club SL Benfica now accepts cryptocurrency for merchandise and tickets. The club’s online store will accept payments in Bitcoin(BTC)trade or Ethereum (ETH)trade, two of the most famous cryptocurrencies, as announced on the club’s official website.
The crypto payment options made available to the public are just another step in the direction of worldwide cryptocurrency adoption. While cryptocurrencies like Bitcoin and Ethereum have received a lot of attention over the last few years, it is only now that we are seeing steady and concrete progress in terms of real adoption by the general public.
In the article published on SL Benfica’s website, the club announced a partnership with the cryptocurrency service Utrust to provide new crypto payment options to fans and customers. It is now possible to purchase merchandise from the club as well as match tickets from their online store using Bitcoin and Ethereum as well as Utrust’s native token UTK.
According to the press release on the club’s website:
“UTRUST’s core technology will allow Benfica to take advantage of the increased security and convenience of cryptocurrency payments while protecting the club from market volatility. It will also significantly reduce processing fees and eliminate inconvenient credit-card chargebacks and fraudulent payments.”
What’s interesting here is the service of converting cryptocurrencies to fiat currencies instantly by Utrust. This option allows SL Benfica to keep the prices of their products stable despite the volatility of the crypto market. Allowing them to immediately convert cryptocurrencies to fiat currencies at the time of the transaction and not have to hold crypto reserves and be affected by their changing prices. Furthermore, SL Benfica also get to take advantage of the security and transparency provided by blockchain technology.
“We recognise that many of our supporters are now digital users first, so we want to be ahead of the curve when it comes to adopting novel technologies and giving our supporters the best online experience,” said SL Benfica CEO Domingos Soares de Oliveira.
Crypto in the World of Football
SL Benfica has over 7 million active fans on different social media platforms and by some reports, over double the fanbase worldwide. SL Benfica said that they are looking to increase their fan base by tapping into the crypto market and allowing customers and supporters to buy merchandise and match tickets using the different cryptocurrency options now supported on their online store.
This is not the first football (soccer, in American English) club that integrates cryptocurrency. In France, Paris Saint-Germain has issued its own fan tokens; In Italy, Juventus has also issued similar crypto tokens; and in Brazil, two football club have issued digital currencies for fans, Atletico Mineiro and Avai.