Brazil Football Club To Launch ICO
The soccer side wants to raise any sum in the range of $8 million and $20 million from the ICO that will be launched in October.
Avai Futebol Seeks to Raise $20 million from ICO
A soccer club based in Brazil has joined the ICO world. The team, Avai Futebol Club plans to acquire $20 million from its own ICO.
Making the announcement on Wednesday, the second tier division side revealed that it will be rolling out a cryptocurrency. The crypto will be used to come up with a digital system for supporters of the club. Additionally, funds raised in the ICO will be used to spearhead Serie A promotion campaign and the coveted Copa Libertadores. The money raised will also be used to set up infrastructure for the club.
Media reports from South America indicate that 20.46 million tokens will be sold. Each token will cost $1. The soccer outfit will retain an additional 1.54 million tokens. SportyCo and Blackbridge Sports have been contracted to set up and roll out the token from early next month.
According to the club head, José Battistotti the ICOs entire goal will be to reach a global fanbase. He stated that the funds will be used to finance the clubs activities. For investors, they will be in a position to buy tokens, that will be eligible for trading on any exchange. Fans will also use the token to acquire tickets, merchandise.
Soccer Club’s Growing Interest in Cryptocurrencies
Reports indicate that the club seeks to raise a minimum of $8 million and in case the goal is not attained, all the money will be remitted back to investors. However, in case any amount between $8 million and $20 million is raised all unsold token will be burned.
Already, French Football giants Paris Saint Germain have joined the crypto business. The club early this week revealed that plans are underway to provide a crypto as an incentive for fans. The PSG deal will play a monetary aspect where fans will be allowed to give their views on the team’s decisions. Fans will have a say on matters like the team’s jersey for both home and away games.