The use of blockchain technology within the sports industry is not new, as many projects focusing on players and fans have been addressed. However, using cryptocurrencies to purchase a stake in a football club never occurred until recently, as Quantocoin, a crypto-based payment services provider now owns 25% of Italian football club, Rimini FC 1912.
As reported by Forbes, Partner of Quantocoin, Pablo Dana trusts that cryptocurrencies have the ability to rid fraudulent activities within the sports industry. A particular example emphasized on the existing “corruption” and it’s that of Qatar. The allegation made noted that Qatar was able to buy in votes, which was the primary reason why it became the next host for the 2022 World Cup.
What makes Quantocoin (QTC) unique from other payment service providers? Based on their official website, the team involved wants to revolutionize financial services through the implementation of blockchain technology, smart phones and bio-identification systems, which will ultimately secure one’s account. Eventually, the team plans to build a bridge between the QTC protocol and that of traditional banking systems to initiate smoother transactions.
Like many blockchain firms, QTC’s long term goal is to increase crypto adoption within society and to watch it smoothly integrate. Since its protocol records every transaction made, the sports industry is believed to benefit from it, as any money exchange among football “officials, players and agents” will be easier to monitor.
Dana shared that they are currently coming with concepts that reflect similar values of the UEFA, adding that, “this is transparency in football and we are looking to reduce corruption through our Quantocoin platform.”