As the relationship between football and digital currencies begins to make its mark, a professional Italian football club are the first ever to be purchased in cryptocurrency. Although it can sometimes be difficult to buy even small things with crypto in daily life, the purchase of Rimini FC 1912 is a landmark moment for the industry.
There is already a multitude of former footballers who have used their name to promote virtual currencies, but this is the first time that an entire football club has been purchased in cryptocurrency.
Historic moment as a football club is purchased in cryptocurrency
An Italian football club playing in the professional Serie C league is making news right across the crypto-sphere by being the first to be purchased in cryptocurrency. A share in Rimini FC 1912 has been bought by the Gibraltar-based cryptocurrency, Quantocioin, who now own 25% of the club.
A partner at Quantocoin, Pablo Dana, has said that although the club has been purchased in cryptocurrency, this will not be the only acquisition that the company makes in the industry, promising this to be the first of many. Dana believes that cryptocurrency can be used to fight corruption in sport and cut-down on high-profile corruption scandals such as the rigged voting malarkey that saw accusations that Qatar bought votes in a bid to host the 2022 FIFA World Cup.
One of the main features of the Quantocoin blockchain payment system is that every time a payment is made in the coin, it is logged on an autonomous system that is transparent and incorruptible. This means that if the system is in place, any monetary transaction between players, clubs, and agents can be monitored to ensure that everything is above board and that no corruption money was paid. Backhanders and bungs have been rife in football since as far back as the 1970s.
Although Rimini FC being purchased in cryptocurrency is big news, it seems that the end game for Quantocoin is helping the industry fight corruption. “We are working exactly on the ideas that UEFA want to put into place,” said Dana. “This is transparency in football and we are looking to reduce corruption through our Quantocoin platform.”
Football is readily adopting crypto
At Crypto Disrupt, we recently reported about how sport and cryptocurrency, especially football, are combining forces to achieve big things. European football has welcomed crypto with open arms, and although UEFA has yet to comment on the move by Quantocoin to be the first company to obtain a football club purchased in cryptocurrency and their idea to clean up corruption in the sport, the use of digital currencies in football can’t be understated.
This is not the first time that Quantocoin has made the crypto news in recent months, as it was reported back in July that the Gibraltar-based crypto would be used to pay the players of another football club, Gibraltar United. The contracts of the players were amended to pay the players in Quantocoin.
Although Rimini FC 1912 is yet to comment on being the first ever football club to be purchased with cryptocurrency, it may open up the floodgates to further purchase of this kind as crypto tries to make its mark on the football industry.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.