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Buenos Aires Hours | Boca Juniors in talks to issue cryptocurrency tokens

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One of Argentina’s most popular football clubs, Boca Juniors, is planning to jump into the cryptocurrency movement.

Boca, the club where Diego Maradona made a name for himself as one of the best players in history, is in talks with several crypto companies as he plans to issue tokens for his fans to open. a new potential funding route. Senior officials have held meetings with four global crypto companies, according to people with knowledge of the matter who have asked not to be named because the discussions are private.

Club officials have received several proposals, including from the world’s largest sports chip maker, Socios.com, which sells tokens for more than 50 different teams, from FC Barcelona to the Chicago Bulls basketball team. Socios.com has offered to issue a fan token that would allow the club to raise at least US $ 10 million over the course of the deal, the people said. The club analyzes whether to issue the tokens through its foundation rather than through the club itself.

Two other companies have offered to issue tokens, which could be used to involve holders in club decisions and access discounts on official merchandise or stadium tickets. One of them even offered to become a sponsor and have his mark on the official team jersey. The club’s current sponsorship deal with Qatar Airways is worth $ 6.5 million per year, according to local reports.

Another company, Decentral Games, a games company focused on blockchain and metaverse, has offered to create a virtual reality stadium for Boca Juniors, similar to a virtual disco made by Amnesia Ibiza in Spain, according to its head of relations with investors, Gabriel Mellace. The company will hold a meeting on Thursday with vice president and former star midfielder Juan Román Riquelme to discuss the proposal.

A spokesperson for the Buenos Aires-based team confirmed the club were weighing chip options, but declined to give details. A spokesperson for Socios.com declined to confirm or deny the talks, but added that Argentina is a “strategic market“.

Boca Juniors are going through one of their toughest financial times as a weak Argentinian peso has led top players to leave the team to look for dollar contracts elsewhere. It has also been hit hard by pandemic measures including canceled games and fanless games which have drastically reduced revenue. The team will not play any international tournament in 2021.

Based on Socios.com’s past operations, a Boca Juniors fan token offering could earn $ 2 per token on an initial sale of 10% of total tokens, one of the people said. The revenue would be split equally between Boca and the token provider.

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by Ignacio Olivera Doll, Bloomberg


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