PSG’s New Token Offering Further Legitimises Crypto in the Football World

The Avaí Futebol Clube, a Brazilian Series B soccer team is planning to launch its own cryptocurrency to develop the digital ecosystem for its fans. It is estimated that the team will raise more than $20 million with the initial coin offering (ICO). The news came just days after French soccer giant Paris Saint-Germain football club (PSG) has announced the launch of its own cryptocurrency.

The Avaí Futebol Clube is going to generate 22 million tokens in the ICO. In these 22 million tokens the club will keep almost 7% token or 1.54 million tokens while sell the remaining 20.46 million tokens at $1 each. The token will be listed on various crypto exchanges all over the world which will make it easy to trade the tokens. This fund will help the team to qualify for the top tier Brazilian soccer Series A and Copa Libertadores competition. The fund will also help to create infrastructure for the team.

To raise the funds through initial coin offering (ICO) the club has partnered with football investment platform Blackbridge Sports and blockchain based sports investment ecosystem SportyCo. Blockbridge Sports will offer the services such as event management, account management, and player management while SportyCo will connect the club to micro-investors for crowdfunding. SportyCo is a blockchain based sports crowdfunding platform which connects individual players, team, clubs or any other sports organization to the investors at micro level. The president of Avaí Futebol Clube, Francisco Jose Battistotti said that the club is happy to become the first sports company to offer ICO in partnership with SportyCo. The step will motivate other sports organization around the world to fund their activities in this new and innovative way.

In October the token of Avaí Futebol Clube will be available for sale. The ICO will end in November so Avaí Futebol Clube’s fans just have two months to be a part of the ICO. If till November the club would not be able to touch the threshold limit of $8 million then the club will return the funds to the buyers. If the tokens sold reach to $8 million while less than $20 million than rest of the tokens will be available for sale.

The step taken by the club will bridge the gap between the emerging fintech industry and sports using blockchain technology. If the ICO become successful it will open the doors for others teams, clubs, and individual players.