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SPORTS BUSINESS: Palmeiras joins Barcelona, PSG to accept cryptocurrecy as payment



Cryptocurrency firm admits investors lost money after site was hacked

Brazil’s most successful league club, Palmeiras, has joined the crypto frenzy, as it announces intention to start receiving payment through fan tokens, a form of payment accepted by Barcelona.

Fan token, launched by Socios’ Chiliz, is gradually becoming a norm in the sporting world, as it allows fans to make certain decisions involving their favourite club. This has pushed Chiliz market capitalization to about $3 billion.

One of such fan action is Cristiano Ronaldo receiving 770 $JUV Fan Tokens from Juventus fans after breaking Pele’s record of 767 goals in official matches, making him the first player to be rewarded in digital assets.

Palmeiras is now following this route which 24 clubs, including AS Roma, Paris Saint-Germain, Inter Milan, Arsenal, Juventus, Galatasaray, Atlético Madrid, and Manchester City, are on.

The Brazilian club’s fan token is $VERDAO, and holders will benefit from club rewards, collect NFTs (Non-Fungible Tokens), enabling fans to own some memorable Palmeiras history.

The new form of currency will be available to Palmeiras’ over 16 million supporters. However, Palmeiras isn’t the only Brazilian club with tokens built from the Chiliz blockchain infrastructure.

Read also: Barcelona squander three-goal lead in thrilling draw at Celta Vigo

Sport Club Corinthians Paulista, Atletico Mineiro, Flamengo, and Sao Paulo FC are some of the Brazilian clubs taking advantage of the growing cryptocurrency market, while Nigerian clubs continue to be denied access due to the ban by the Central Bank of Nigeria (CBN).

Commenting on the agreement with Chiliz’s, Palmeiras’ President, Maurice Galiotte, said, “This is a potentially wide and powerful partnership that will help us grow our fan engagement in Brazil and around the world.”

Chiliz and CEO, Alexandre Dreyfus, stated, “We are delighted to be partnering with Palmeiras, one of the most successful and popular clubs in Latin America, and to expand our presence in Brazil, where the love and passion for football are unparalleled.”

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