Cardiff City And Newcastle United Turn To Cryptocurrencies In Fight For Survival
Football teams in England are showing keen interest in cryptocurrencies, as they explore new ways of raising additional funds. Media reports indicate that Newcastle United and Cardiff City are considering carrying out an Initial Coin Offering as they seek additional funds to strengthen their teams.
The two football teams find themselves in trouble even though the premier league is yet to reach the halfway mark. Lack of sufficient funds meant the two teams could not strengthen their team in July and August, to be in a better position to fight for survival in the top flight.
Toon head coach, Rafa Benitez has already aired his concerns over a lack of backing from owner Mike Ashley to pursue key targets in the transfer market. While Cardiff City Manager, Neil Warnock, has sought to play it cool when it comes to allocated budget, additional funds would be more than welcome.
The two clubs have already opened talks with SportyCo, a crowdfunding startup that is making a name for itself in making it easier for football teams to leverage the power of cryptocurrencies. To carry out an Initial Coin Offering Newcastle and Cardiff City will have to develop their own cryptocurrencies.
SportyCo platform would come in handy in hosting the proposed ICOs whereby fans would be able to buy tokens. Any funds generated from the offering should go a long way in financing new signings as soon as the transfer market opens. Fans would be able to trade in their tokens for tickets as well as other merchandise offered by their clubs.
Cardiff City and Newcastle United won’t be the first football teams to raise money through an ICO. Brazilian Serie B team Avai has already launched an ICO offering in partnership with SportyCo as it eyes as much as $20 million.
France champions Paris Saint Germaine is another football team believed to be plotting a similar move in the cryptocurrency arena. American baseball team L.A Dodger is another high profile sports team to have shown keen interest in venturing into the cryptocurrency space. The team has already announced promotions of several tokens to be distributed to fans.
Currently, there are no details about ICOs of British Clubs. However, that could change on a blink of an eye on Cardiff City and Newcastle United enjoying some success on this front. Other football teams must be monitoring the situation waiting to see the outcome, before getting into the action themselves.