31st Aug, 2018 by Paul Nicholson in London ( link )
August 31 – Cryptocurrency is increasingly making inroads into the commercial football club market with the latest announcement being a strategic partnership between investment finance dealmakers Blackbridge Cross Borders and blockchain technology business SportyFi, operator of the SportyCo platform.
The partners are looking to offer clubs the opportunity of blockchain-based financing and a one-stop solution for clubs to set up an initial coin offering (ICO). The ICO does not require club owners to give up club shares, being based on other club assets/products.
The first deal of the partnership will be announced with a Brazilian club in the next few days.
Marko Filej, CEO of SportyCo, said: “Our goal is to make fan investment into football clubs as easy for our clients as buying merchandise.”
SportyCo already operates a blockchain-based platform for fans and small investors giving up-and-coming athletes on the brink of becoming professionals the opportunity to fund their career development.
“We are working on removing the high barriers for investing in sports, by merging technology, finance, and the passion of sports in a new and innovative service, benefiting athletes and clubs, as well as potential investors,” said Filej.
Blackbridge, which has built a specialism in Chinese sports finance sector over the past four years, sees the opportunities of the crypto market as satisfying some of the investment demand.
“Football club owners and fans are increasingly interested in the crypto market a d blockchain innovations,” said Blackbridge CEO Alexander Jarvis. “Blackbridge’s East Asia clients are increasingly requesting sports deals and we have been under a lot of pressure to deliver these investment opportunities.”