Argentina Football Club Uses Cryptocurrency To Sign Players For The First Time

Argentina is making headlines with the most recent signing of a local soccer player in cryptocurrency. At a time when this country is in the midst of a serious crisis, cryptocurrencies are attracting them.

Argentina uses stablecoins to sign players

Argentina has hit the national headlines with the most recent signing of a local soccer player in cryptocurrency. Sao Paulo is one of the biggest football teams in Brazil and they just bought a player with cryptocurrency.

Sao Paulo with the help of pf USDC, a stablecoin pegged to the US dollar, has signed the player from Argentine midfield team Banfield. USDC is issued by US-based Circle Internet Financial.

The transfer of midfielder Giuliano Galoppo from Banfield’s Athletic Club to Sao Paulo Footbal Club happened with the help of a stablecoin.

This transaction exceeded $6 million to $8 million, tied to the volatile nature of the exchange in terms of the Argentine peso’s rate.

This transfer took place with the support of a partnership with the Mexican-based cryptocurrency exchange Bitso. Bitso happens to be one of the largest cryptocurrency exchanges in South America.

At the moment, Argentina is going through an economic crisis that also affects the Argentine sports industry. This news is a positive one as it marks the first crypto contract signing of a football player.

“We are very proud to work with these two clubs for this historical signing of Sao Paulo with all the safety, transparency and flexibility that the crypto economy has to offer.“

Thales Freitas, Bitso’s director in Brazil stated

This could create a situation where footballers signed by international teams could renegotiate their contracts to adjust their wages.

Since volatility can create problems, constant salary adjustments will be an unavoidable scenario.

In addition, Argentina’s volatile economy has helped with the adoption of cryptocurrencies, especially stablecoins. The trend of using stablecoins has increased after the resignation of Argentina’s Economy Minister. The resignation occurred in early July.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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