Brazilian football club Avaí launches cryptocurrency, $ 20 million ICO


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A few days after the French football giant Paris Saint-Germain (PSG) announced its cryptocurrency, complete with an initial offer of coins (ICO), the Avaí Football Club of Brazil invented a similar plan.

Announced Wednesday, Avaí FC has partnered with the blockchain sport investment ecosystem SportyCo and the Blackbridge Sports football investment platform to raise funds around the world through ICO, with the goal of collect $ 20 million in the sale.

According to the official press release, the currency, christened Avaí FC Token, will be available for sale in October, with ICO ending at the beginning of November. Football fans can be part of this ICO vision, which aims to bridge the gap between the new fintech industry and sports using blockchain technology, the added release.

The president of Avaí, Francisco José Battistotti, stressed that ICO would help the football team in widening the global football fan base. With this vision, he said that Avaí would be a stable member of the Brazilian Serie A championship and reach the Copa Libertadores. He added:

"We are very happy to do so in conjunction with SportyCo to be the first sports company to make an initial money supply, paving the way for other clubs around the world to provide funding for their businesses. sports in this new way. "

Avaí FC will receive blockchain technology from its official partners SportyCo and Blackbridge Sports. Each token will have a price of $ 1 with a one-month selling period, a declared ratio. The token will then be listed in various cryptocurrency exchanges, making it easy for fans to exchange.

According to the club, if the token trading value falls, "it will always provide a valuable experience or service for token holders who wish to participate." If the tokens sold do not exceed the $ 8 threshold millions, the funds will be returned to the buyers and, if the tokens sold reach more than $ 8 million while the target of $ 20 million is less, the rest of the tokens will not be available for sale, the report added.

"The money raised by the crowd will go straight to the club's infrastructure that will remain in the club forever," said Marko Filej, co-founder of SportyCo. He also stated:

"With this initial money offer we are opening a new chapter in football and in the sports industry in general."

The launch event that took place at the Auditorium of the Ressacada stadium in Brazil, in the presence of President Francisco José Battistotti and members of the council and councils of the club, representatives of the Brazilian Association of Cryptomoedas and Blockchain and other guests.

Close-up image of Shutterstock

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