Galo coin launched by Brazilian football club Atletico Mineiro
December 18, 2018 5:12 am,
The Brazilian football club Atletico Mineiro is launching a Cryptocurrency and its own Crypto token for the fans called as “Galo Coins”. The word ‘Galo’ is in the Portuguese language which means a rooster, and it’s the club official mascot.
The Crypto token will allow all the fans to buy game tickets, official apparel and also facilitate them to participate in discount programs and obtain plenty of discounts.
These Galo coins are tied to fiat currency exchange and are priced as per the Brazilian real currency. To use the club’s Cryptocurrency token fans are required to buy at least 50 Galo Coins, costing approximately $13.
The Galo tokens are based on footcoin platforms that allow users to exchange the Galo coins for an Ethereum token. It follows the principles of stablecoin.
This launch makes Atletico Mineiro, the first Brazilian football club to launch a Blockchain enabled Crypto for payments across South America.
Nowadays, football teams are making more use of Cryptocurrency transaction and the Blockchain technology. Similar to Atletico, other top football clubs across Europe which use the Cryptocurrency concept are Paris Saint Germain and the Italian football giants Juventus. Gibraltar United was the first football team among all in the world to pay its players in Cryptocurrency. Union of European Football Associations (UEFA) is using Blockchain technology for ticketing purpose. Seven United Kingdom premier league clubs such as Tottenham Hotspur, Crystal Palace, Cardiff City, Leicester City football club, etc. have partnered with eToro to integrate Blockchain and Cryptocurrencies in soccer stadiums.