Brazilian football club to initiate an ICO of $20 million 22971 Brazilian football fans
Nitin Murali
Sep 13, 2018 at 4:30 AM

Avaí Futebol Clube, a Brazilian Series B football club has plans to launch its own cryptocurrency with an initial coin offering (ICO) of $20 million as a raise in capital.

The club has partnered itself with blockchain technology specialists SportyCo and soccer investment specialist Blackbridge Sports. The Avaí FC token will initiate sales on October 3 for a month. The price of the token will be $1.

The reason for this token offering is to provide a digital ecosystem for its fans, to help them qualify for Series A, which is the topmost tier and also to build up its physical infrastructure.

“With our ICO, we are actively targeting a global football fan base, while engaging all Avaí FC in Florianópolis and Brazil, working together towards our goal – to become a stable member of Brazil’s Série A and qualify for the Copa Libertadores. We are delighted to do so in partnership with SportyCo and be the first sports company to do an initial coin offering, paving the way for other clubs all over the world to approach financing their sporting activities in this novel way,” said Francisco José Battistotti, President, Avaí Futebol Clube

The club to retain 1,540,000 tokens

The club will raise 20.46 million tokens at a dollar each, with a cap of 8 million dollars. The club will retain 1.54 million tokens.

“Our goal is to raise $20.46 million US dollars, with a minimum cap of 8 million dollars. A maximum of 20.46 million tokens (93%) valued at $1 will be available for purchase in the Crowdsale. A maximum of 1,540,000 AVAI Tokens (7%) will be retained by Avai FC,” said Avaí FC.

In order to earn and spend the token, the club partnering with SportyCo will develop an online ecosystem

“With this initial coin offering, we are opening a new chapter in football and the sports industry in general…in the beginning token holders will be able to purchase merchandise, tickets and unique experiences with the token. In the future this will be upgraded,” said Marko Filej, Co-Founder, SportyCo.

See Also:

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Image via Shutterstock

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