Italian Serie C side Rimini FC became the first club in history acquired using cryptocurrency. The purchase was made using Quantocoin, a blockchain-based currency currently in its ICO stage.
The exchange for the sale of 25% of the club shares to Heritage Sports Holdings (HSH) comes after Rimini invested in Quantocoin. The club is taking part in the currency’s ICO.
HSH also owns Gibraltar United, a football club acknowledged among those that initiated wage payment to players in cryptocurrency.
Pablo Dana – a partner at Quantocoin – stated that they want to promote transparency in football while reducing corruption. “We are working exactly on the ideas that UEFA want to put into place,” he explained to Forbes.
He added that the introduction of cryptocurrency “offers a unique opportunity” to fight corruption in the sport. The Quantocoin payment system keeps a check on the money spent on the platform.
The technology gives firms a platform to act with genuine integrity towards their communities and clients.
Whenever a transaction happens on the Quantocoin platform, the system makes a log on the system. This kind of system is “anonymous, incorruptible, and constantly updating its nodes.”
This is to continuously monitor the currency exchanged between football officials, the players and their agents.
The world of football, especially in Europe, has certainly been adopting cryptocurrencies and trying it out.
Recently, a number of English Premier League clubs partnered with the United Kingdom-based trading platform eToro. Each club will use eToro’s digital wallet as a trial for purchasing players in Bitcoin instead of fiat currency.
During the recently concluded FIFA World Cup in Russia, some hotels allowed fans to pay for accommodation using Bitcoin.