Soccer Club ICO May Attract $20 Million
A Brazilian second league soccer club Avaí Futebol Clube has created its own cryptocurrency and is going to hold an initial coin offering. The team expects the ICO to attract $20 million, and help them to get into Serie A, Inside World Football reports.
The club cooperates with blockchain specialists from SportyCo and a football investor Blackbridge Sports. The developers are creating an ecosystem for AVAI tokens, where users will be able to earn and spend this cryptocurrency. The launch of ICO is scheduled for October 3, 2018, and the sales will last for one month.
Representatives of the club hope to sell more than 20 million tokens at the price of one US dollar. Avai will also retain 7% of the issued coins, what makes about 1.54 million. Francisco Jose Battistotti, the president of the club, notes that Avai will be the first sports company to conduct ICO.
According to Marko Filej, the head of the sports crowdfunding platform SportyCo, this is a new chapter in the history of soccer and the whole sports industry. He said that token holders will be able to pay for the merch, match tickets and a lot more, promising that the team will expand these possibilities later. Filej clarified that received funds will be used to improve the Avai infrastructure.
The soccer club expects a minimum income of $8 million. Otherwise, all funds will be returned to investors. If the team fails to sell all 20 million tokens, they will burn the remaining part.
As previously reported, the leading French club Paris Saint-Germain announced the release of its own tokens. Unlike AVAI, these tokens are not aimed at obtaining of investments but are designed to interact with fans.