Brazil Football Club Avaí Launches Own Own Cryptuality

Just a few days after the French football giant Paris Saint-Germain (PSG) announced its own cryptocurrency, complete with the initial coin offering (ICO), the Brazilian football club Avaí came up with a similar plan.

Announced on Wednesday, AVAÍ FC is partnering with SportyCo’s sports investment ecosystem based on the blockchain and the Blackbridge Sports football investment platform to raise funds around the world through the ICO, seeking to raise $ 20 million in sales.

According to the official press release, the coin, called Avaí FC Token, is said to be available for sale in October, and the ICO will end in early November. Football fans can be part of this vision of the ICO, which aims to bridge the gap between the new Fintech industry and sports using blockchain technology, the release added.

President of AVAÍ FC Francisco Jose Battistotti stressed that ICO will help the football club in expanding the global base of football fans. With this vision, he said that Avaí will be a stable member of the Brazilian Serie A championship and will be able to reach the Copert Libertadores.

AVAÍ FC will receive blockchain technology from its official partners SportyCo and Blackbridge Sports. Each token will cost $ 1 with a sales period that lasts for a month, the report said. Then the token will be indicated on various cryptocurrency exchanges, which simplifies the trade for fans.

If the tokens sold do not exceed $ 8 million, the funds will be returned to the buyers, and if the tokens sold reach more than $ 8 million with a smaller target of $ 20 million, the remaining tokens will not be available for sale, the report said.

The launch event, which took place in the Ressacada stadium in Brazil, was attended by Francisco José Battistotti and members of the board and councils of the club, representatives of the Brazilian association Cryptomoedas and Blockchain, and other guests.