Spanish Football Club is the First to Pay for Player’s Transfer Using Bitcoin
Bitcoin’s position as a global currency continues to increase with adoption in different industries across the world. This week, a Spanish football club became the first to pay for a footballer’s transfer with Bitcoin.
Football’s First transfer with Bitcoin
This historic milestone occurred this week when footballer David Barral joined Spanish third division club DUX International de Madrid. The entire transfer was performed via Bitcoin, with the club not disclosing the total amount paid.
The signing of this historic contract results from a collaboration between the Spanish club and its new sponsor Criptan. Criptan is a local platform for the purchase and sales of cryptocurrencies, and the startup benefits from the spotlight.
Although David Barral’s signing for his new club has been formalized, doubts persist within the football circle. This is because the major institutions governing football are yet to make statements on the transfer. If the transfer gets the authorities’ relevant approval, it could prove to be a major turning point in football.
Crypto Adoption in Sports Industry
Although this is a first in the football industry, the sports world is increasingly interested in cryptocurrencies and blockchain. Last December, American football player Russell Okung became the first to receive his salary in Bitcoin. The NFL star will be paid half of his $13 million salaries in Bitcoin.
This was made possible via a startup Zap, enabling users to convert their checks and transfers into BTC. Cryptocurrencies and blockchain are increasingly intruding into the sports industry with several collaborations. Top football clubs like Barcelona, Juventus, West Ham, and Real Madrid have signed up to create fan tokens in recent years.
Sorare and Chiliz are two of the crypto startups that dominate this sector. Sorare digitizes players in the form of non-fungible tokens (NFTs), which can be used by fans to compete against each other. In contrast, Chiliz offers fans tokens that can be used to purchase merchandise and be traded on exchanges.
It should also be noted that these digital cards have been sold to record prices suggesting the growing industry. Last year a digital card featuring PSG footballer Kylian Mbappe was auctioned for more than 55,000 euros.