Avai, the Serie B Brazilian football club from Santa Catarina’s Florianopolis, reportedly to set up its own cryptocurrency in the form of an initial coin offering (ICO). The Brazilian football club is looking to raise an ICO worth $20 million beginning on 3rd October 2018.
According to a report by Inside World Football, the club will sell 20.46 million of tokens at $1 each. The club will also held another 7% of the total tokens being yielded, which is amounted at 1.54 million tokens. The token sale will be developed and initiated by SportyCo and Blackbridge Sports.
In a press statement related to the cryptocurrency, Avai president Francisco Jose Battistotti said that the ICO is aiming for a global football fan base. He said, “With our ICO, we are actively engaging all Avai FC in Florianopolis and Brazil, working together towards out goal to become a stable member of Brazil’s Serie A and qualify for the Copa Libertadores.” Battistotti added that he was delighted to form the partnership with SportyCo to be the first sports company to do an initial coin offering, which would pave the way for other clubs all over the world to approach financing their sporting activities in this novel way.
According to SportyCo co-founder, Marko Filej, investors who buy the token will be able to trade on exchanges or purchase tickets, merchandise or other unique experiences.