Banfield sells star player to Sao Paulo in Crypto

Share article now

Argetine football club,  Banfield sold its star midfielder to Sao Paulo, one of the biggest teams on the continent, solely in crypto.

“The Drill” transferred Giuliano Galoppo to Brazil for 8 million USD Coins ($USDC) in agreement with crypto exchange Bitso.

“This is a historic moment for South American football. Our primary mission is to contribute toward more modernization and inclusion, and this is another important step in that direction,” said Thales Freitas, CEO of Bitso Brazil.

Argentina has faced economic downfall in recent weeks. In fact, it seems as if it’s getting worse day by day. With annual inflation approaching three digits and the Peso losing most of its value against the dollar, citizens are looking for ways to cushion the fall.

The left-leaning government restricted access to U.S. dollars and other currencies to prevent the official rate from increasing. As a result, the black market dollar (305 $ARS) is trading at more than double the value of the official dollar (133 $ARS).

The question remains whether the Argentine club can retain the cryptocurrency, which trades close to the black market value. The Argentine Central Bank told Bloomberg Linea that the club would have to liquidate the $USDC at the official rate. Nevertheless, there is no regulatory clarity yet, and Banfield might explore other options.

Leave a Comment

Your email address will not be published.