Bitcoin Begins to Attain Better Mass Adoption Status as Watford Accepts It in Sales of Merchandise

Bitcoin can be seen to continually reach the state of mass adoption as its recognition begins to enter the world football. The Bitcoin (BTC) symbol will now appear on the shirt sleeve of the football players of the Watford Football Club. The Premier League team had also made it known that it would accept bitcoin for the purchase of its merchandise.

This announcement was made known by the team on its official website on September 12. It was stated that as a result of the recent partnership with the Sports.io -a sports betting platform- the famous “B” logo used to represent Bitcoin will now be featured on the jersey of the players. The team had said it would also accept Bitcoin as a means of payment for its merchandise.

A move for mass adoption

The addition of the logo to the uniform according to the announcement, looking at the big picture could be seen as part of a much larger campaign that aims to “improve awareness around Bitcoin and educate the public on the benefits of using cryptocurrencies.”

Justin Le Brocque, the head of marketing of the team’s main shirt sponsor Sportsbet.io iterated the fact that the company is giving back to the crypto community, saying:

“The crypto community have been hugely supportive of us since we began, so putting the Bitcoin logo on the sleeve felt like a fun way to give something back while also showing them our support.”

Image by Michel Velasco

FC Barcelona Enters the Crypto Space with Blockchain-Propelled Fan Engagement Platform

FC Barcelona, one of the most successful and envied football clubs in the world, has partnered with Chiliz, a fintech firm, in the provision of a blockchain-powered fan-engagement platform. The tokens to be offered are anticipated in the second quarter of 2020. 

Over 300 million fans given more authority via blockchain

FC Barcelona has over 300 million fans globally, and they are expected to benefit from the tokenized engagement platform.

Through the partnership, FC Barcelona will benefit from the Barca Fan Tokens (BAR) created by Chiliz on its social mobile app known as Socios.com. Expressly, the BAR will enable supporters to take part in different polls and surveys about the daily activities regarding the club. For instance, they will be in a position to choose the kind of music to be played in the stadium whenever FC Barcelona scores against an opponent. 

Fans will be able to purchase the BAR through an innovative procedure called Fan Token Offering (FTO). Periodically, they will be in a position to collect the BAR and Chiliz digital currency ($CHZ) for free through Token Hunt, an augmented reality feature housed by Chiliz. 

The founder and CEO of Socios.com & Chiliz, Alexandre Dreyfus, noted, “We are very excited to welcome FC Barcelona to Socios.com, and even more excited to start engaging with their massive fan base around the world. With over 300 million fans worldwide, Barça’s fandom spans countries as well as cultures.”

He added, “The Club is without a doubt the most renowned and the most supported football club in the world, and we can’t wait to see their fans start to influence Club decisions. Adding FC Barcelona fans to the Socios.com global community takes us one step closer to our goal of mainstream adoption of blockchain.”

By leveraging on fans tokens, FC Barcelona seeks to propel the inclusivity of its worldwide fanbase in vital decision-making about the club. 

Chiliz embraced by various football clubs

FC Barcelona becomes the ninth major team to join Chiliz’ Socios.com. Other notable clubs that have already adopted fans tokens via this platform include Italian and French footballing powerhouses Juventus and Paris Saint-Germaine, respectively. 

Dreyfus acknowledged that since the fan tokens were floated in December 2019, nearly 110,000 users have joined and buying on average coins worth $20 USD. 

Football clubs are not being left behind the crypto bandwagon. For instance, English Premier League heavyweights Manchester City tokenized its players via Superbloke in August 2019.

Image via Shutterstock

Italian Soccer Giant Juventus Embraces Blockchain Technology

In a move widely celebrated by fans, the Juventus Football club of Italy enters into a license agreement with a blockchain-based fantasy football company, Sorare.

The newly signed agreement as reported by the Cryptonomist on Feb. 20, will see the Italian giant football club offer rare digital collectibles cards of the club’s most iconic superstars which include that of a five-time Ballon d’Or winner, Christiano Ronaldo.

France based blockchain giant, Sorare, provider of soccer team management game with digital cards that are created on the Ethereum technology to represent players that fans can collect and trade. The firm added that such cards represent non-fungible tokens (NFTs) based on Ethereum’s ERC-721 protocol.

Football clubs and blockchain

This will not be the first time we have seen the partnership of blockchain projects with football clubs. Neither will Juventus FC be the last to venture into space. Not so long ago, the club announced a partnership with socios.com, the company that created the team’s official token. The aforementioned token is used by Juventus fans to vote on the decisions to be made by the team, as well as to gain access to official merchandise, member chat groups and much more.

Another Italian club to emulate the concept is AS ROMA with the introduction of its ASR token which functions in a similar fashion as that of the Juventus Football Club. Additionally, several famous football clubs which include Paris Saint-Germain, Atletico Madrid, Galatasaray, and many others have embraced the use of blockchain technology to align with the club’s developmental strategies.

While speaking on the achievement, Sorare CEO Nicolas Julia commented, “We are very proud to have signed this agreement with such an Italian heavyweight, we see this as a new key step in our vision to onboard the best soccer clubs from around the world and bring blockchain-gaming to football fans around the world.”

Earlier this month, Blockchain.News also reported that Perth Glory FC, an Australian Football Club, was sold to a UK-based cryptocurrency group, the London Football Exchange.

Image via Shutterstock

The Sale of Perth Glory FC Seems Dead in the Water Based on the Crypto Firm’s Dark Past

The proposed sale of Perth Glory FC, an Australian soccer club, has been thrown into disarray following allegations that the potential buyers have an ongoing fraudulent misrepresentation case in the UK High Court. The claims point out that London Football Exchange (LFE), a London-based cryptocurrency company, and its owner Jim Aylward were facing a $2.2 million USD lawsuit brought forth by a Turkmenistan oil trader. 

Buy-out raises eyebrows

Earlier this month, Perth Glory’s owner Tony Sage revealed that he could forfeit 80% ownership to LFE. Nevertheless, this decision did not go down well with some quarters. Notably, LFE was to purchase the football club, where a cryptocurrency business model would be incorporated by offering tokens to its supporters. The crypto ecosystem was to provide fans from around the world the opportunity to purchase shares in the form of digital currency or tokens, owning and sharing verified ownership easily on the blockchain.

This vision may be on the brink of collapse based on the lawsuit against LFE. The allegations are that LFE convinced the Turkmenistan oil dealer to part with the reported amount in the form of a loan, but this has turned out to be fraudulent information. 

Crypto in sports

Blockchain and cryptocurrencies are continuously being embraced in the sporting arena. For instance, mid this month, Spanish football giants FC Barcelona partnered with Chiliz, a fintech firm, in the provision of a blockchain-powered fan engagement platform that was to permit fans to take part in different polls and surveys pertaining to the daily running of the club. 

Nevertheless, the interaction between crypto and sports has not always been rosy. For example, a Hong Kong jockey expert recently warned that illegal cryptocurrency betting was endangering jockey racing integrity. 

It, therefore, remains a test of time whether LFE’s quest to purchase Perth Glory FC will be sealed following the mushrooming of the lawsuit. 

Image via Shutterstock

Following Investigations in Brazil for Crypto Scams, Ronaldinho Faces Arrest for Using Fake Passport

A widely celebrated and popular professional footballer known as Ronaldinho is under arrest for attempting to enter Paraguay with a fake passport. He is an elite in the sport and as of March 4, the star is currently detained and under investigation. This relates further back to his participation in companies fraudulently operating cryptocurrency scams under his name.

 The events of the arrest took place at the Paraguay Golf Club where the former footballer was staying. Upon searching the hotel suite, the police found two fake Paraguayan passports under his name and his brothers. When questioned, it was revealed that he visited the country to endorse a community campaign promoting a foundation which supplied medical assistance to children in poverty.

 On March 5, the Ronaldinho and his brother left the hotel, to give a statement regarding the case. The prosecutors in Paraguay then issued an arrest warrant for the guilty parties, according to the Mexican news outlet, Milenio 2020. Furthermore, the controversy only adds to the other ongoing investigations being carried in Brazil, relating to his two fraudulent companies applying scams with Bitcoin.

 The US Securities and Exchange Commission’s latest investigation into Telegram revealed court documents showing the participation of Russian Oligarch, Roman Abramovich, in the company’s ICO. Details show that Abramovich appeared to have involved himself in the second round known as Stage A in March 2018. Moreover, the sale of Perth Glory FC, an Australian Soccer Club has been put in question as they battle allegations regarding potential buyers with an ongoing misrepresentation case in the UK. In early February, it was announced that the owner may have to let go 80% ownership to London Football Exchange. 

Image Via Shutterstock 

French Football Star Mbappe Seeks out Crypto Scammers Trying to Score off The PSG Striker's Reputation

Kylian Mbappe, the famous French soccer player and Paris Saint-Germain’s striker, has filed a complaint with the French police after his image was used to encourage people to sign up for a crypto scam network. The French local authorities are investigating the matter. 

Mbappe scam victim breaks silence to warn danger

The PSG superstar filed charges against the crypto fraudsters when his photo and name were used as part of a crypto scam that alleged to help users “become a millionaire” without Mbappe’s knowledge or prior consent. The 21-year-old was used for publicity for a get-quick-rich scheme that claimed it could turn investors become a millionaire within three to four months. The crypto advertising posts that have been circulating cited a false statement by the French soccer player, where he allegedly endorsed the miraculous investment plan as being legitimate. 

The scam stated that Mbappe had told fans to start participating in Bitcoin trading and investing while they could as banks would soon be stamping them out. The scam claimed the world cup winner said, “What made me successful was taking advantage of new opportunities quickly, without hesitation.”

Anne-Sophie Coulbois, Head of the Central Office for the Suppression of Financial Crime with the French police, stated, “These pages are used to impersonate future victims, save your contact details, then an alleged vendor calls them to explain the procedure for investing, but there is never a product that is invested in.”

French investigators reveal that this kind of scam uses the good image of celebrities to convince investors to invest their money in this form of virtual currency. These con artists, through their call centers located in Israel, contact clients to convince them to invest. When clients invest their money, these fraudsters disappear without a trace.  

This is not the first time that the PSG superstar has been affected by alleged crypto scandals that use his name without permission. In April last year, his official twitter account was hacked where impersonators reportedly encouraged his fans to make investments in crypto scams.

Beware of crypto scams in this crisis market

Despite their decentralized nature, most cryptocurrencies are still sold and bought at exchanges. While this makes it easier to find the crypto coins that investors desire, there is still no global regulatory body that oversees such exchanges. Many crypto exchanges operate only online and are unregulated, which means that it is difficult to know who is exchanging, offering, selling, or buying cryptocurrency. Scammers thus exploit the fact that many people are still unfamiliar with virtual coins besides their supposed “get rich quick” potentials. Regulators should be aware of how such scams function and fix them accordingly.

In a recent speech, California governor Gavin Newsom asked the public to remain cautious against Bitcoin fraudsters who try to capitalize on the coronavirus fears. The California governor becomes the latest government official to speak about Bitcoin in the public address, joining the likes of US Treasury Steve Mnuchin and President Donald Trump.

Governor Newsom mentioned the leading cryptocurrency Bitcoin as a warning to the public. He stated that crypto scammers might utilize this pandemic for fraudulent activities by defrauding and scamming people. The governor thinks that the residents of California are on the hit list of crypto scammers. According to the governor, cryptocurrency scammers may be currently targeting the people of California with the promise of essential commodities in exchange for advances payment in Bitcoin. Hence governor Newson has cautioned people to be vigilant in such cases and avoid such forms of offers.

Image via Shutterstock

Ransomware Attacks Target English Football League, Data Withheld for $3.8 Million Bitcoin

The UK National Cyber Security Centre (NCSC) has issued a warning saying that football teams are at increased risk of phishing campaigns and ransomware attacks. On July 23, the agency published a 28-page report titled (The Cyber Threat to Sports Organizations) stating that ransomware is a significant threat for sports organizations.  

The National Cyber Security Centre is a UK government institution that offers support and advice for the private and public sectors on how to avoid computer security threats. The institution is based in London and started its operations in 2016.

Football Teams Have Become Perfect Targets

According to the NCSC’s report, the English Football League (EFL) club has recently become a victim of cyber-attack. The hackers encrypted all security and corporate systems of the club and demanded a ransom of 400 Bitcoins value of $3.8 million in order to release the decryption key.  

Since the owners of the club refused to pay the stated amount, the hackers took revenge to further encrypt the club’s end-user devices.

It is not clear what kind of attack vector used. However, the NCSC said that the initial infection was a result of either a phishing email or accessing the club’s CCTV system remotely and installing ransomware on the system.  

Since all systems at the stadium were connected to one network, the infection of the attack spread quickly. It is estimated that the club lost several hundred thousand British pounds. Many servers were also affected, thus leaving the club unable to use their corporate email.

The stadium’s turnstiles and CCTV were non-operational, an incident that nearly resulted in a cancellation and postponement of fixtures.

Paul Chichester, NCSC director of operations, stated that football clubs might not view cybercrimes as a significant threat. But it remains a serious issue for the UK’s broader cybersecurity goals.

As per the report, football clubs are on a target and, therefore, they have to take this issue seriously. The report further mentioned that hackers recently attacked a prominent Premier League club. The hackers used fake emails to steal over one million pounds before someone at the club, detecting suspicious transactions, and taking action.   

Hackers are casting a wider net in hopes of infecting as many individual machines as possible. According to NCSC’s warning, over 70% of UK sports organizations have experienced cybersecurity breaches in 2020. The watchdog, therefore, recommends that football clubs must allocate resources, money, and part of their time towards protecting their data to prevent such hacks.

Fears of More Hostage Situations

Sports organizations are some of the major institutions known as financially profitable and thus are becoming valuable targets for ransomware attacks.  Attacks begin with an innocent email. When someone clicks the link the email, hackers quickly take over. It works like that. Computers at organizations are locked, and the only way for workers to get back their system is to pay the attackers thousands of dollars’ worth of Bitcoin.

There is no guarantee that hackers won’t do it again. Besides hospitals, local government offices, and schools, many attacks have targeted sports organizations this year. To make the matter worse, several organizations choose not to report such incidents as they want to avoid news coverage and resorting to sending payouts to attackers.  

UEFA Champions League Winners FC Bayern Munich Embrace Ethereum Blockchain for Tokenization

German football giant, FC Bayern Munich, is the latest entrant in the Ethereum-based fantasy soccer game platform called Sorare, which leverages non-fungible tokens (NFTs). 

The reigning UEFA Champions League winners become the third German club playing under the Bundesliga league to join Sorare, which has at least 100 licensed teams.

Tokenizing fantasy football

Sorare is a fantasy soccer video game founded on the Ethereum blockchain that enables users to build their preferred teams and trade football player cards. These cards are limited and can be transferred as unique non-fungible tokens (NFTs). Moreover, the cards earn points on the foundation of every player’s respective real-world weekly performance.

With FC Bayern Munich joining this bandwagon, Sorare users will be able to trade digital cards based on its top players like Robert Lewandowski, Thomas Müller, and Manuel Neuer, as well as create their own lineups. As per the announcement:

“People play Sorare because they love making new friends that are passionate about global football and scouting players and cheap cards that can become the next big things.”

Boosting blockchain adoption in the football arena

Nicolas Julia, Sorare CEO, applauded FC Bayern Munich’s decision to participate in the platform, noting that it was a major milestone. The reigning Bundesliga champion joins another European champion, Juventus, which enrolled in February.

By creating unique digital tokens and signing top football clubs to its fantasy platform, Sorare seeks to boost digital assets and blockchain adoption in daily life. The football player cards used are based on blockchain technology, and they comprise of built-in scarcity.

In February, the Spanish football giant, FC Barcelona, partnered with Chiliz, a fintech firm, to provide a blockchain-powered fan-engagement platform, which generated the Barca Fan Tokens (BAR). The tokenized engagement network was to be used by its more than 300 million global fans. Reportedly, in June, these tokens worth $1.3 million got sold out in two hours. 

PSG and Juventus Fan Crypto Token Prices Surge as Binance Listing Goes Live

Binance has just listed the crypto fan tokens of football giants Juventus and Paris St-Germain—and has immediately recorded a surge in both the JUV and PSG token price.

Binance has officially listed the JUV and PSG fan tokens on its global exchange which has seen both tokens surge in value within moment.

Paris Saint-Germain Fan Token (PSG) is currently priced at $23.02 USD up 62.97% while Juventus Fan Token (JUV) is currently valued at $25.43 USD up 64.15% in the last 24 hours.

Since the announcement of the football fan token listings on Binance last week, both JUV and PSG have been increasing in value, Alexandre Dreyfus, the CEO of Socios which is the company behind the tokenization of the major football clubs, discussed the dramatic rise moments before the listing and warned investors not to be greedy.

Dreyfus said:

“30 minutes before listing of @juventusfc $JUV and @PSG_inside $PSG on Binance. The price action is already very intense with almost 60 to 120% increase since the announcement. Don’t have expectations. Just enjoy the fact that 2 of the biggest brands in the world will be traded.”

What are Fan Tokens?

The Juventus Fan Token (JUV) and Paris Saint-Germain Fan Tokens (PSG) both have a total token supply of 20,000,000 fan tokens, but what are they exactly?

Fan tokens are a form of tokenized asset, that represents proof of ownership or even membership for holders. As tokens are already being used for a wide range of purposes, many specialized blockchains have been developed with native intent to support tokens, the most common of which is currently Ethereum and their ERC standard tokens.

Socios.com is an app for football (soccer) fans, where users can acquire voting rights to influence the clubs they support by acquiring club-specific Fan tokens.

Chiliz ($CHZ) is an ERC20 utility token on the Ethereum blockchain that serves as the digital currency for the chiliZ and Socios.com platform. In launching their platform, alongside other sports blockchain ventures, a new category of token has emerged — the Fan Token. Once onboard the Socios.com platform, yet to-be-announced club partners host what has been called a Fan Token Offering (FTO). Fans must purchase $CHZ via a cryptocurrency exchange in order to acquire Fan Tokens. These tokens — which are specific to a team or club — are a finite, digital asset that provide access to an encrypted ledger of voting and membership rights ownership.

NFL Carolina Panthers' Russell Okung Will Receive Half of His $13 Million Contract in Bitcoin

Carolina Panthers’ offensive tackle Russell Okung has long been a Bitcoin advocate, tweeting out “Pay me in Bitcoin” back in 2019.  

That seems to be a self-fulfilling prophecy as it has now been disclosed that half of the NFL player’s $13 million contract will be converted into Bitcoin. Okung seems to be associated with Zap, a payments network that is able to convert traditional fiat paychecks to Bitcoin automatically through its financial product, Strike.

The football professional took to Twitter to explain his stance on Bitcoin. In a series of Tweets, he said: 

“I’m freeing myself from fiat. You can too. The next decade will be about bitcoin’s mass adoption […] When we are all paid in Bitcoin, no one can tell us what to do with the value we create.” 

Okung will keep half of his paycheck in fiat, while the other half will be allocated towards Bitcoin. A direct deposit of half of his $13 million yearly contract will be deposited straight into a Strike cold wallet by his team, whereby the conversion from dollars to Bitcoin could be made.

The National Football League professional believes that Bitcoin is an investment that will safeguard his wealth in a day and age where inflation has surged through the roof with the depreciation of the US dollar. Okung hints at the fact that the stimulus printing plans of the Federal Reserve may be a government conspiracy, saying:

“If you think elections are rigged wait until you learn about the US dollar.”

Bullish Bitcoin

With the way Bitcoin has been surging lately, Okung’s investment in Bitcoin is likely to gain even more in value in the years to come. From 2019 when he issued a statement that he should be paid in Bitcoin till now, the cryptocurrency has increased by approximately 270% in value.

Russell Okung is the first professional sports player to have this sort of pay-out arrangement involving Bitcoin, as cryptocurrencies’ full potential has yet to be unveiled. With this year being the first time institutional investors have endorsed Bitcoin so heavily, who is to know what the future has in store for the mainstream cryptocurrency.

In just this year alone, Bitcoin has gained by more than 200%. Currently, Bitcoin’s price has remained bullish and has gained by a near 8% in the last 24 hours. At the time of writing, Bitcoin is trading at $28,457.83. 

Exit mobile version