Banfield, a neighborhood football club favorite from Argentina’s Primera División, has sold their star midfielder to Sao Paulo, one of the biggest on the continent, for cryptocurrency only. The transfer of midfielder Giuliano Galoppo from Banfield’s Athletic Club to Sao Paulo Futebol Clube was made in USD Coin (USDC) for up to $8 million (approximately 64 crore) subject to variable exchange rates. movement of the Argentine peso, according to local sources. The transfer was made possible through a partnership with Mexican crypto exchange Bitso.
“We are very proud to partner with these two clubs for this historic contract with Sao Paulo with all the security, transparency and flexibility that the crypto economy has to offer.” Thales Freitas saysDirector of Bitso in Brazil.
The transfer took place in the context of the difficult economic situation of Argentine sports clubs. The reported exchange rate differential between the peso and the US dollar continues to escalate, affecting the ability of footballers to be signed by international teams and prompting them to renegotiate their contracts in order to win. adjust their wages to fluctuating USD rates.
As reported by Bloomberg, sources from Argentina’s central bank clarified that Galoppo’s transfer was an export operation. As a result, Banfield will be forced to liquidate their USDC into the local currency, pesos, using the official exchange market.
On the other hand, it remains unclear how professional footballers choose to exchange USDC to the official exchange market directly while allowing the club to fend off central bank measures.
Elsewhere, Brazilian soccer giant Sao Paolo has shown his support for the world of digital assets. Two months ago, the football club cooperation with Bitso to allow fans to purchase match tickets with cryptocurrency, including Bitcoin and Shiba Inu. In addition to supporting São Paulo, the foundation will also act as a financial sponsor for the next three years.