Atletico Mineiro launches crypto-token, a Brazilian Premier League football club has launched a crypto token for fans called “GaloCoin. The GaloCoin’s name, derived from the mascot of the club called “
Based on Footcoin platform that allows launching utility tokens on Ethereum blockchain, GaloCoin is tied to the national fiat currency exchange rate, is equal to one Brazilian real.
The mobile app forboth iOS and Android users that tracks crypto prices on more than 100 exchanges have also been developed.
Atletico’s token will allow fans to purchase game tickets, official apparel, as well as participate in discount programs. To use the club’s cryptocurrency token, one has to buy at least 50 GaloCoins (equivalent to approximately $13).
“At the club, we are always very careful and pro-active towards innovation and new technologies. We believe we have the potential to offer new opportunities to our worldwide fan base to engage in the cutting-edge way with their favorite club. Said Atletico Mineiro official”
Many soccer teams are adapting to using utility tokens as a way to both involve their fans in cryptocurrency and their merchandise simultaneously.
Three months ago, blockchain platform Socios.com partnered with Paris Saint-Germain (PSG) for a Fan Toke Offering (FTO).
As Atletico Mineiro launches crypto-token, Italy’s most famous club, Juventus, has also announced their own “official fan token,” sponsored by the same Blockchain expected to be launched towards the beginning of next year.
“The token, which will be tradeable on the Socios platform against its native $CHZ token, will allow fans to vote over an upcoming mobile app. With the platform, fans can respond to Juventus ballots, allowing supporters’ “voice to be heard, and creating an emotional connection between the Club and its fans,” explained Giorgio Ricci, Juventus’ co-chief revenue officer.
Other football clubs across Europe that have adapted to this trend include Hotspur, Brighton, Tottenham, Newcastle United, Leicester City, Cardiff City and more.
Even the Union of European Football Associations (UEFA) had a successful trial by putting in place a ticketing system powered by Blockchain technology during 2018 UEFA Europa League final match with about half the tickets sold through it.