Shares of Italian football club Rimini F.C., which plays in the Serie C division, were sold in exchange for cryptocurrency. The deal reportedly makes it the team first in the world to be bought with digital currency.
Heritage Sports Holdings or HSH, a UAE-based sports investment company, bought around 25 percent stake in the team using Quantocoin, a Gibraltar-based cryptocurrency. Pablo V. Dana, a partner in the project, is also a partner and shareholder at HSH.
Rimini's president Giorgio Grassi said, "Negotiations with this group have been ongoing for a couple of months. Heritage Sports Holdings, with its partner Quantocoin, will try to bring to the team and to the city new ideas and synergies from the sporting, brand image and technological point of views."
Rimini, an old club, had filed for bankruptcy in 2006. It had also faced several problems later including the exits of several board members. The team is now back in the league.
HSH operates as a facilitator in football teams' acquisitions as well as a direct investor in football-related ventures in Asian and European countries.
HSH also owns Union Deportiva Los Barrios, a Spanish football sixth division team, Mantova football in Italy, and Gibraltar United that pays part of its players' wages in digital currency.
Dana noted that the company is working exactly on the ideas that UEFA want to put into place. "This is transparency in football and we are looking to reduce corruption through our Quantocoin platform."
For comments and feedback contact: editorial@rttnews.com
Business News