Brazilian Soccer Club Seeks $20 Million In Upcoming ICO
A Brazilian soccer team is looking to raise $20 million by launching its own initial coin offering (ICO).
The Avaí Futebol Clube, a Series B soccer team, announced Wednesday that it was generating its own cryptocurrency as part of an effort to develop a digital ecosystem for its fans, help it qualify for the top tier (Series A) of Brazilian soccer and the prestigious Copa Libertadores competition and to build up the team’s physical infrastructure.
Inside World Football reported that the club will sell 20.46 million tokens at $1 each. The club will hold onto another 1.54 million tokens, or roughly 7 percent of the total tokens being generated.
The team is working with SportyCo and Blackbridge Sports to develop and launch the token sale, which will begin on October 3.
Avaí president Francisco José Battistotti said in a statement that the ICO is targeting a “global football fan base,” adding:
“With our ICO, we are actively … 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.”
Investors who purchase the token will be able to trade on exchanges or purchase tickets, merchandise or other “unique experiences,” SportyCo co-founder Marko Filej said.
Avaí plans to raise $8 million at a minimum. If the club does not meet this threshold, all funds will be returned. If it raises between $8 million and $20 million, but falls shy of its upper goal, the unsold tokens will be burned, according to the report.
The team joins French club Paris Saint-Germain, which announced Tuesday that it was also planning to issue a cryptocurrency as an incentive mechanism for its fans.
However, the PSG token will not have a monetary role. Instead, the token will help fans vote on team decisions such as jerseys, as previously reported.
Soccer ball image via Shutterstock
You may be interested
Leading Bitcoin Cash Developer Says Future Fork Unlikelybtcethereumadmin - September 20, 2018
Cryptocurrency forks are likely to slow down considerably in the future, leaders of several major projects, all of which were…
Messaging Giant LINE Unveils Ambitious Plan for Crypto Token Ecosystembtcethereumadmin - September 20, 2018
LINE, the messaging app giant from Japan, has unveiled plans that will see it launch an ambitious, token-powered ecosystem by…
Singapore Central Banker: No Tokens We’ve Reviewed Need Securities Rulesbtcethereumadmin - September 20, 2018
The Monetary Authority of Singapore (MAS), the city-state's de-facto central bank, believes that no tokens it has seen need to…