Brazilian Soccer Team Cruzeiro To Perform An ICO To Fund New Stadium
There are many benefits a public ICO can offer. We have come a long way from just blockchain projects looking to raise funds via Initial Coin Offerings (ICO). Now a lot of people are catching on the potentials of this form of public fundraising. Brazilian soccer team Cruzeiro-RS Sport Club has declared sentiments to fund their new stadium with a public funding and distributing tokens to contributors. The team is said to be looking for $60 million Reals ($16 USD) from the public.
Soccer stadiums are usually funded by private investors and local governments, ICOs give the opportunity for the public to participate in a crowdfund for projects they are interested in supporting. Cruzeiro will give the chance to fans to partake in the team’s management decisions like teams lineup, transfers, future funding projects, and opening its practice squad watching to the public.
Cruzeiro is partnering with Iconic, an environment for investments and assets trading based on blockchain technology.
According to Roger Ilha Moreira, head of strategy at Iconic:
“The ICO is the means for Cruzeiro-RS to finance all of the club’s needs: physical structure, a stadium with interactivity, a training center and the technology to support the results we expect”
The team is creating a more decentralized approach to soccer management by focusing on its community. Usually smaller teams don’t have big funding partners, and there is a massive gap between big and small clubs within a league. This ICO will give an opportunity and an opening boost to other smaller clubs to consider public funding so they can to compete in their respective leagues.
Soccer and blockchain partnership are not a new thing. Arsenal FC has been involved in the cryptocurrency world in the past by partnering with iGaming firm to promote an ICO (Cashbet). Barcelona superstar Lionel Messi is an ambassador for Sirin Labs (SRN), and Wesley Sneijder signed a deal with Tron as well.
Which major club in the USA do you think will leverage blockchain technology first?
Disclaimer- ICOs have been under scrutiny lately due to some scammish faces. Please do your own research and due diligence before investing in cryptocurrencies and ICOs.