Rimini F.C. 1912 makes history as the first football club purchased with cryptocurrency
The relationship between cryptocurrencies and sports, particularly with football, kick started long back. But it is the first time that virtual currencies have been used to purchase a football club. Rimini F.C. 1912, an Italian association football club, is now the first club that has been purchased using cryptocurrency.
As reported by Ethereum World News, Rimini FC invested in Quantocoin. The purchase came in as a part of the same. Running on blockchain, Quantocoin is a global alternative asset with immediate liquidity and currency functionality. It offers high speed, reliability and efficiency at a cost-effective price, and is currently having its initial coin offering (ICO). The Italian football club is taking part in the Quantocoin ICO in exchange for selling 25% of its shares to Heritage Sports Holdings (HSH) and its partner – Quantocoin.
Giorgio Grassi, the President of the club said: “Negotiations with this group have been going on for a couple of months. Heritage Sports Holdings with its partner Quantocoin will try to bring to the team and to the city new ideas and synergies from the sporting, brand image and technological point of views. Heritage Sports Holdings’ participation is innovative in view of its crypto payment system (QTCt) and the use of blockchain technology, for which Heritage Sports Holdings is already at the forefront in other countries.”
Shares in Italian Football Club Rimini Purchased With Cryptocurrency https://t.co/5afQxbZjjw @quantocoin @pablovdana @Oficial_RC3 @TheRealSalgado @PatrickKluivert #forbes #ethereum #cryptocurrency #btcpics #ico #gibraltar #BBC #cnbs #success #investors #teamwork #business
— Quantocoin (@quantocoin) August 29, 2018
Quantocoin and HSH’s association with cryptocurrency
Both Quantocoin and HSH are familiar with the association of cryptocurrency and football. Pablo Dana, an investor at Quantocoin, also owns a football team from Gibraltar, known as Gibraltar United. Gibraltar United has also earned name as the first football club that embraced cryptocurrency as a payment mode for player wages.
The system of Quantocoin can keep a check on the money that is spent in making payments to footballers and others associated with the game. It also cancels out any chance of bribe as Quantocoin records payment logs whenever a payment is made through a system of ‘autonomous, incorruptible and constantly updating nodes’, reported Forbes.
Pablo Dana, a partner at Quantocoin, said he believes that digital currencies will help to combat frauds in sports that has been disrupted several times by scandals big and small.
Dana said: “We are working exactly on the ideas that UEFA want to put into place. This is transparency in football and we are looking to reduce corruption through our Quantocoin platform.”
Image via Shutterstock
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