Portugal: Football club plans ICO for debt relief – Coin Hero

The Portuguese club SCP is not the first club to recognize the blockchain and crypto-coins as an opportunity. So far, however, it has primarily been larger clubs that have attracted attention in the market with their own currencies. The association has applied for an ICO from the association.

Big names in the industry have announced their own measures

A whole series of international football teams has meanwhile dealt with the topic of crypto currencies and the possibilities of their own ICOs. And for some time now, some stars have been paid at least in part in coins. One example of our reporting in August was Gibraltar United, where we want to transfer player salaries in digital currencies from 2019 onwards. Paris St. Germain also set a good example by joining the Socios network this summer. PSG itself seems to be working on a club currency that will soon compete with Bitcoin or Ripple – at least within the world of sports and fans, if that’s up to those responsible.

Capture crypto currencies soon the sports world?

In the case of the Sporting Clube de Portugal association, this is a local size, but the report from the Portuguese specialist media is still interesting. Once again, it has been shown that Initial Coin Offerings can not only be used as a pure high-risk speculation object. However, the club in question is now still dependent on the association’s approval. There again, according to their own statement, they are already dealing with ICOs and are quite open to the technical options that digital currencies can offer for the sports sector.

SCP wants to use the ICO as a first step to raise the money for the redemption of bonds due in the near future to its investors. The concept can work, but it can also fail. The decisive factor is openness, which gradually becomes apparent in clubs.