We have been opportune to see the application of blockchain and cryptocurrency for different use cases in different sectors and industries, and it is interesting to see that a lot of companies and businesses have begun to see just how efficient and effective both technologies are, especially when integrated with existing business models/systems.
It is more interesting that people who are football enthusiasts as well as crypto enthusiasts can combine their love for both activities in one, what better way to purchase that football merchandise of your favorite football club/team than with cryptocurrency?
European Football League
In a recent development, S.L. Benfica has made the first move in the world of cryptocurrency as the first European football club to start accepting cryptocurrency for payments. This news came after they announced that they were going into a partnership with a crypto payment platform called ‘UTRUST’. The football club which is Portugal’s most popular has made it easy for the fans to buy its merchandise and make payments with cryptocurrency, via the use of UTRUST’s UTK token, as well as cryptocurrencies like Bitcoin and Ethereum.
According to S.L. Benfica, they decided to go the way of cryptocurrency because there was a need to bring some upgrade to the football club’s e-commerce strategy, which will in turn facilitate its expansion and make the franchises more accessible to the global community. At the moment, Benfica’s fan base is more than 14 million, and it is also Portugal’s most decorated club. The management of the club are looking to improve user experience while employing the use of cryptocurrency, and thus broadening the audience.
In cases like this, it is usually important to pay attention to the wants of the fan base, as they are the key to the financial success of the club, hence, the adoption of this new payment method was as a result of the fans wanting easier and modern systems of payments. The club recognized that a lot of the fans had gotten used to new payment methods in the digital world, and wanted them to experience the same in the world of football.
Blockchain Technology in Banking
According to the club, the decision to adopt the use of cryptocurrency also stemmed from the fact that there had been so many credit card payment issues that had defied solutions, some of the issues included fraudulent transactions and chargebacks. Furthermore, it will also facilitate seamless banking, as it will enable funds get deposited at the bank account of the football club in fiat currency on the same day that the user makes a purchase online.
It is quite amazing to see that cryptocurrency is warming its way into the hearts of many as more industries are beginning to adopt the use. Another part of the football industry where cryptocurrencies can play a very important role is in football betting, and some betting platforms have already begun to accept cryptocurrencies as stakes. The possibilities are endless with cryptocurrency and blockchain, hence, the onus is on us to make good use of both technologies.