The latest football team to embrace cryptocurrency is the Brazilian football club Atletico Mineiro, who are amidst launching a crypto token for fans called ‘Galo Coins’. The relationship between the crypto industry and football is at an all-time-high as sports and crypto are a match…
The latest football team to embrace cryptocurrency is the Brazilian football club Atletico Mineiro, who are amidst launching a crypto token for fans called ‘Galo Coins’.
The relationship between the crypto industry and football is at an all-time-high as sports and crypto are a match made in heaven. As crypto looks to gain wider traction in the mainstream, nothing is more mainstream than football.
Atletico Mineiro is a Brazilian Premier League club that is making the news for creating their own Galo Coins, which is a crypto for fans of the club that enables them to buy match tickets and merchandise, while also obtaining numerous discounts at the club.
The word ‘Galo’, translates in English to ‘rooster’, which is the club’s mascot. The move makes Atletico Mineiro the first Brazilian football club to launch a blockchain-based crypto for payments across South America.
The best part about the coin is its simplicity, which is essential when trying to attract new crypto users. The Galo Coins are priced the same as the Brazilian Real currency. Fans need to buy at least 50 Galo Coins, which is approximately $13 to be able to use the tokens.
The crypto token is similar to the Foot Coin platform and allows users to exchange the Galo Coins for Ethereum tokens. Other top-flight football clubs across Europe who are currently using the same concept are Paris Saint Germain and the Italian football giants Juventus.
Football and cryptocurrency go together like foot and boot! In recent times, we have seen football legends such as Ronaldinho create his own Ronaldinho Soccer Coin (RSC) that aims to launch a variety of VR soccer stadiums across the world.
Other world-renowned footballers such as Didier Drogba, Michael Owen, Roberto Carlos, Luis Figo, and Lionel Messi have joined the crypto affray by either creating their own coins or endorsing another crypto token.
Earlier this year, Gibraltar United became the first football team in the world to pay its players in cryptocurrency. The club’s owner Pablo Dana created his own Quantocoin crypto token that could well be used as a blueprint for clubs looking to fully integrate crypto into their football clubs.
As football and crypto forge a partnership that could change the way fans buy tickets and merchandise, it will be interesting to see how the Atletico Mineiro crypto token pans out in both the short and long-term.
Featured image from Pixabay.
Last modified: January 24, 2020 10:49 PM UTC