Brazilian soccer club Avai Futebol Clube, that is playing in Series B announced that it is working on the creation of own cryptocurrency and plans to conduct an initial offer of coins (ICO) for 20 million USD, CoinDesk reports.
It is said that the cryptocurrency will become part of the digital ecosystem for the club fans and should help the club to enter Brazilian Serie A and compete for the Copa Libertadores.
Also, representatives of the club are sure that ICO will help to raise money for the Avai infrastructure development.
The soccer club plans to sell 20.46 million tokens at 1 USD each, leaving 1.54 million tokens for itself (7% of total emissions volume).
To issue tokens, the team’s management is working with SportyCo and Blackbridge Sports. ICO launch is scheduled for October 3rd.
“With our ICO, we are actively promoting our club Avai in Florianopolis and throughout Brazil. We are working to become a stable participant of Brazilian Serie A and to apply for participation in the Copa Libertadores. We are happy to work with SportyCo and to become the first sports company that does ICO. We will pave the way for other clubs around the world and help them finance sports events with this innovative method”, – said the President of Avai, Francisco Jose Battistotti.
The co-founder of SportyCo, Marko Filezh, stressed that investors who buy tokens will be able to trade them on exchanges or purchase tickets, merchandise and use them for other “unique opportunities”.
Avai Club plans to receive funding of at least 8 million USD. If the feed does not reach this mark, all investments will be returned.
If the amount collected will be in the range between 8 and 20 million USD, remaining tokens will be “burned”.