Vasco da Gama, one of the leading teams in Brazilian football, and Mercado Bitcoin, one of the largest cryptocurrency exchanges in Latin America, have announced plans symbolizing the rights of FIFA’s solidarity mechanism.

The FIFA Solidarity Mechanism is part of the FIFA Transfer Ordinance that acts as a right of sale to the player and encourages clubs to develop young players. Thanks to this mechanism, up to 5% of the total cost of each international transfer of the athlete can be distributed to all clubs the athlete has gone to during his career until he is 23 years old.

As part of this partnership, Vasco and Mercado Bitcoin will symbolize the solidarity mechanism, and the token holders will be eligible to receive a percentage of each player’s sales value to the sports club.

According to information provided by Mercado Bitcoin to Cointelegraph, there will be a total of 500,000 tokens that they hope to sell for a total amount of R $ 50 million (roughly $ 9 million). Each icon will be part of the solidarity mechanism for the 12 athletes who joined the youth teams of Vasco da Gama, including soccer stars such as Philippe Coutinho, Douglas Lewis, Alex Teixeira and Alain Marquis Laurero, all of whom have had success with other famous teams. In Europe and Asia.

“We are a club that has traditionally grown up with good players. Many important Brazilian players have appeared in San Januaro,” Vasco president Alexandre Campello said, referring to the club’s headquarters.
Since 2018, the club has been looking for opportunities to use cryptocurrencies to generate new revenue, according to Campello. It is to explain:

“This initiative is part of the strategic planning activity undertaken by the current administration with the active support of the financial, legal and football departments, as well as financial support from the KPMG.”
To achieve its goals, Vasco is also a partner of MBDA, a company in the Bitcoin Mercado ecosystem responsible for coding several alternative assets. The club also worked with well-known lawyers specializing in football, cryptocurrencies and securities regulation.

According to the announcement, the team officially consulted with the Brazilian Securities and Exchange Commission to confirm an understanding that the symbol is not classified as a security.

In addition to offering the tokens on the platform, Mercado Bitcoin has already secured a 20% pre-purchase of 500,000 tokens, with the sale being credited to the Vasco da Gama account before the sale is opened to the average investor.

“This is a sign that must change football’s stance towards FIFA’s solidarity mechanism,” says Reynaldo Rapello, CEO of Mercado Bitcoin. A new source of income for football clubs. ”

It launched its ‘football’ at the forefront of sport, including coding. A few weeks ago, Japanese soccer star Keisuke Honda launched his cryptocurrency to attract fans.

Source: CoinTelegraph