Brazil's São Paulo Signs Argentine Football Player Giuliano Galoppo With Payments in USDC Stablecoin

Argentina's unstable economy has led to a major adoption of cryptocurrencies, especially stablecoins.

Brazil's São Paulo Signs Argentine Football Player Giuliano Galoppo With Payments in USDC Stablecoin

Photo Credit: Liquid Network

Argentina’s economic restrictions have reached the sports industry

  • Banfield sold one of its best players to Brazilian giant São Paulo
  • The transfer happened amid a difficult economic situation in Argentina
  • São Paulo partnered with Bitso back in early June 2022

Banfield, a beloved neighbourhood football club from the Argentine Primera División, has sold their star midfielder to Sao Paulo, one of the biggest teams on the continent, solely in crypto. The transfer of midfielder Giuliano Galoppo from Banfield's Athletic Club to Sao Paulo Futebol Clube was made in USD Coin (USDC) amounting up to $8 million (roughly Rs. 64 crore) depending on the volatile exchange rate of the Argentine peso, according to local sources. The transfer was made possible through a collaboration with the Mexican crypto exchange Bitso.

“We are very proud to work with these two clubs for this historical signing of Sao Paulo with all the safety, transparency and flexibility that the crypto economy has to offer,” said Thales Freitas, Bitso's director in Brazil.

The transfer happened amid a difficult economic situation for Argentinian sports clubs. The reported exchange gap between pesos and US dollars keeps escalating, affecting the possibility for football players to get signed by international teams and inducing them to renegotiate their contracts to adjust their salaries to the volatile USD price.

According to a Bloomberg report, Argentine central bank sources have clarified that Galoppo's transfer is an export operation. As a result, Banfield will be forced to liquidate their USDC into local currency, pesos, using the official exchange market.

On the other hand, it remains unclear how the professional footballer chooses to exchange USDC to the official exchange market directly while allowing the club to resist the central bank's measures.

Elsewhere, Brazilian soccer giant Sao Paolo has already displayed its support for the digital asset universe. Two months ago, the football club partnered with Bitso to allow its fans to purchase match tickets in cryptocurrencies, including Bitcoin and Shiba Inu. Apart from assisting São Paulo, the platform will also serve as its financial sponsor for the next three years.

Why is Oppo making strange choices with its flagship Reno series? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Motorola Razr 2022, Moto X30 Pro Launch Cancelled, Confirms General Manager Chen Jin
Motorola Edge 30 Fusion BIS Listing Suggests Upcoming India Launch, Tipped to Be Rebranded Moto S30 Pro
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »