Apparently, the cryptocurrency is entering all possible fields a person can imagine, sports is no excuse for that matter. In a recent report Italian football team was bought using cryptocurrency Quantocoin. This is the first of its kind in sports history which gave a new platform for investors for making payment.

To detail more on Quantocoin, the cryptocurrency or the firm itself is based in Gibraltar city of Italy and known as a leader in the fintech industry. Also, the partner and investor in the company, Pablo Dana is happy to make such a decision. He added that agreement in crypto payments is planned to rolled by next season with all the involved players in the team.

Blockchain being trustless technology, and immutable in nature aids in fighting corruption in the sports industry. Right from the point where money is paid to players and to football officials or agents involved in it. Everything will be recorded in the distributed ledger. This paves a way to effectively prevent fraudulent acts or money laundering issues in the industry.

In fact, it was very vision of UEFA to create a platform like this and on the same lines Dana also quoted that,

“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.”

Interestingly, with the ascent of cryptocurrency in the global market, many popular players in the football industry have taken a plunge and invested in it. Namely, Lionel Messi, Michael Owen, Roberto Carlos and Luís Figo boast partnerships with blockchain-related companies.

Although UEFA has not made any official statement on this, the football industry, in general in Europe, is enthusiastic about this move and currencies like Quantocoin fits in with the organization’s policies.

It is noteworthy to mention that the organization showed its support of the blockchain tech when it successfully trialed tickets for the UEFA Super Cup final between Real Madrid and Atletico Madrid via a mobile phone-based blockchain application.

What do you think of this movement by Italian football industry? Share your thoughts in the comments section below

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