Italian Football Club Makes History Becoming First To Be Purchased In Cryptocurrency
Italian Serie C football club Rimini FC 1912 has become the first team in history to be purchased in cryptocurrency. Quantocoin, which uses blockchain-technology to provide an alternative crypto-payment method for investors, now owns 25% of the club. The Gibraltar-based firm made the purchase in its cryptocurrency of the same name.
According to Pablo Dana, a partner at Quantocoin, the purchase will be the first of many that his firm wants to make in the industry. He believes cryptocurrency offers a unique opportunity to fight against corruption in a sport which has been rocked by a number of high-profile scandals involving cash, such as the accusation that Qatar bought votes as they won the right to host the World Cup in 2022.
The blockchain-run Quantocoin payment system logs every instance when a payment is made through a system of autonomous, incorruptible and constantly updating nodes. Therefore, money paid between football officials, players and agents can continually be monitored to ensure that backhanders or bribes are not paid.
“We are working exactly on the ideas that UEFA want to put into place,” explains Pablo Dana. “This is transparency in football and we are looking to reduce corruption through our Quantocoin platform.”
The world of football – in particular in Europe – has certainly been increasingly adoptive of crypto-currencies. While UEFA has not given an official statement on cryptocurrencies, the use of mobile currencies like Quantocoin fits in with the organization’s new 2017 anti-match-fixing initiatives to combat corruption, fraud and money laundering.
For example, UEFA has revealed that next season European clubs will have to release information on how much their teams are spending on players wages and fees to agents. The nature of blockchain technology can ensure that this is done accurately. The organization also appeared to show its support of the technology when it successfully trialled tickets for the UEFA Super Cup final between Real Madrid and Atletico Madrid in August 2018 via a mobile phone-based blockchain application.
Pablo Dana and the President of Rimini FC 1912, Giorgio Grassi, share the excitement of Sehit when looking at the possibilities that cryptocurrency could bring to the world of football. “I think it’s the beginning of something incredible if someone agrees to sell a club worth millions of Euros in cryptocurrency,” Dana said. “These are innovators with a very long-term view. I think sports companies will start to use cryptocurrencies far more frequently and we have made history by being the first one.”