Crypto is gaining a lot of fame on a global scale. If you are familiar with BTC, then you’re already one or two steps ahead and the football industry has not been left out. They have begun to cast their eyes towards electronic wallets since they come with a couple of incentives, fast payment, and no revenue loss due to currency conversion. Transferring money without all the checks and hassle is proving to create all the more curious environment.
Several people worldwide are turning to crypto because they don’t have regulation, and thus the lack of red tape and barriers in place.
Transfer windows in football are usually limited and can cause distress for clubs at all levels. With such a short time frame for teams to go out and buy players, deals can sometimes go right down before being confirmed. If you miss the deadline, your team could be up the spout for the rest of the season. The truth is, money takes a fair amount of time to process and transfer as some teams have to wait days for a purchase or a sale to complete.
Crypto is creating a solution to extend these windows while eliminating external checks. Moreover, transfers and payments are instant as they can take as little as 10 minutes from wallet to wallet.
Transfers Facilitated by Crypto
Just recently, Jadon Sancho completed his move from Borussia Dortmund to Manchester United for 1923BTC. Additionally, a Spanish football club made a veteran footballer and La Liga veteran the first professional player to complete a transfer conducted entirely in crypto.
Per the Spanish football newspaper Sport, David Barral – a Sporting de Gijón striker who has also played in Real Madrid, APOEL, Japanese, UAE and Cypriot professional leagues had a successful transfer to the Segunda División B (Spain’s third division) team DUX Internacional de Madrid in a deal financed by crypto.
In a tweet, the club stated that the Valencia-based crypto firm Criptan made its deal for Barral possible. However, the club did not mention the type of crypto asset used in the agreement.
Technically, the first recorded bitcoin (BTC) transfer in football history was the 2018 transfer of Ömer Faruk Kıroğlu, a Turkish footballer who moved to the amateur club Harunustaspor costing the club’s president just USD 521 bitcoin. The president admitted the move had been a publicity stunt to get Harunustaspor mentioned in the international media just like other professional clubs.
Watford was the first club in England to embrace Bitcoin for purchasing merchandise; the ex-Premier League side has its striking emblem on its sleeve as the primary sponsor and corporate partner. The collaboration allows fans to buy official club merchandise and products using cryptocurrency.