A Football Club in Italy Writes History by Being the First Team to be Bought with Cryptocurrencies

A football club in Italy writes history by being the first team to be bought with cryptocurrencies

Club Rimini FC 1912  is the first team ever to be bought with cryptocurrencies. The cryptocurrency used is Quantocoin (QTC) that use the blockchain to provide an alternative payment method for investors.

Football is a sport that has a lot of support around the world. To give you an idea, 1,013 billion people watched the World Cup finals in 2014 according to Statista.com. It is interesting that football is at the forefront regarding blockchain and cryptocurrencies.

Speaking of the World Cup, the cryptocurrency Augur became insanely popular during the most recent world cup. Augur is a platform which allows an event of future occurrences to be created, and this has shares that represent the probable outcomes. A person can purchase shares depending on the outcome they think will occur. Once the event is over and confirmed the settlement is paid depending on if the user has a winning result. Blockchain technology’s transparency and decentralized nature make it super easy and efficient to use.

Another use of cryptocurrencies is to book hotels. Kaliningrad was one of the hosting cities during the world cup in Russia and accepted cryptocurrencies to pay for hotel rooms. So if you had some extra Bitcoin, Ethereum, Litecoin or even Ripple, you would have been able to spend it on the costly rooms at Kaliningrad to support your favourite football team.

According to Pablo Dana who is a partner at Quantcoin, this will be one of many purchases in the football industry. They now own 25% of Rimini FC. He believes that the blockchain could solve the corruption within the sport and offers the industry a unique opportunity.

Quantocoin has developed a next-generation model for the future of financial services and digital banking. It is a project to develop the future of the crypto-financial world. Its primary goal is to integrate and connect QTC into the traditional financial world and to create a single gateway through QTC platform for users, traders, investors and financial institutions with a whole range of add-on services. 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 Dana. “This is transparency in football, and we are looking to reduce corruption through our Quantocoin platform.”

The world of football, especially in Europe, has certainly been adopting cryptocurrencies and trying it out. Even though UEFA has not given an official statement regarding cryptocurrencies, different parts of the community are trying it out. It certainly helps them to fight corruption and money laundering.

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