Gibraltar Football Club to Pay in Quantocoins

Gibraltar Football Club to Pay in Quantocoins

Players of the Premier Division Gibraltar United will be paid part of their pay in cryptocurrencies starting next season according to The Guardian.

This decision was organized by the club’s owner Pablo Dana, an investor in Quantocoin, a cryptocurrency. Dana arranged a sponsorship of Quantocoin for the football team in 2017 and stated that all player contracts will have cryptocurrency provisions by next season.

Dana said,

I’m convinced that cryptocurrencies will be the unique method of payment in the next three to four years.

According to Dana, the use of cryptocurrencies provides several advantages to the players, especially since a lot of them come from countries with unreliable banking systems. He said,

Many of our players come from secluded regions of Egypt and Algeria, we don’t just have Gibraltarians playing for us and their banking structure isn’t as good.I hate the concept of giving them cash, so Quantocoin fills the void.

Quantocoin, a cryptocurrency that is neither listed on Coinmarketcap or traded on any exchanges, brands itself as a revolutionary blockchain cutting edge banking platform for 3.8 billion people.

According to The Guardian, even though the coin is essentially unknown, it makes perfect sense for the Football club to use virtual currency and lead the way. Earlier this year, the government introduced blockchain regulations and set up a regulatory framework for initial coin offerings with focus on transparency and legitimacy to crypto funding.

Dana is not the first tycoon in the football industry to reap benefits from cryptocurrencies. Earlier this year, a group of Barcelona players introduced Olyseum, an app through which footballers can interact with their fans in exchange for cryptocurrency. The London Football Exchange has also proposed a native token and Arsenal also announced a partnership with Cashbet, a California based cryptocurrency payments company.

Read Also: Lionel Messi To Promote Blockchain Smartphone

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.