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Barcelona Set to Launch Digital Currency Says Club President

News
Barcelona Set to Launch Digital Currency Says Club President

Barcelona FC could be the latest football club to launch its native cryptocurrency according to comments from the club president Juan Laporta. This development is expected to place the football giant in a position to compete with other clubs globally. 

Barcelona FC Set to Join the Crypto Train 

Barcelona has struggled to compete financially with most of the top football heavyweights in Europe due to their debt of over 1.35 billion euros. This has impacted the club with the team losing their star player Lionel Messi to Paris Saint Germain (PSG) in 2021. 

However, this could be set to change with the club looking to leverage cryptocurrencies. Speaking at the Mobile World Congress in Barcelona, Laporta noted that the club had begun taking significant steps towards launching its native digital currency. 

“We want to create our cryptocurrency, and we have to do that ourselves. However, we are different because we survive financially from what we can generate through the sports industry. However, we do not have big corporations or shareholders behind us. That forces us to be imaginative, innovative, brave and be a step ahead in many areas that surround the sports industry,” Laporta stated.

The club president also noted that the club hopes to present its first set of NFTs soon. He believes it will help the club meet its financial needs and reduce the debt incurred by running the club. He further assured those present that Barcelona fans and players are also part of the project, and as a modern club, Barca should be willing to leverage NFTs.

This latest move comes as no surprise as Barcelona had previously rejected offers to partner with other cryptocurrency companies to launch a digital currency. The official stance had been that the club was contemplating developing its native token. 

Top Football Clubs That Have Embraced Cryptocurrency

Football is one of the most popular sports globally, and it is less surprising to see the influence of cryptocurrency in key football clubs, especially now that the pandemic has negatively affected the general finances of the world.

In 2018, Harunustaspor was the first team to sign a player using bitcoin. As a result, the Turkish team created history as the first to embrace cryptocurrency in modern football. In addition to this, the Spanish league broke into the blockchain world by launching online digital player cards as NFTs.

Furthermore, Portuguese heavyweights Benfica allowed the use of bitcoins to purchase tickets and official club merchandise. Arsenal partnered with Chiliz, a top blockchain platform, to launch the $AFC fan token. Other top clubs with fan tokens include Manchester City, PSG, and AC Milan.

In conclusion, the influence of cryptocurrency is developing daily, especially in the world of sports. Countries like Egypt are beginning to adopt it as part of their legal tender, while Portugal and Argentina have partnered with significant crypto companies.

It is necessary for clubs that are not financially strong to explore the opportunities that cryptocurrency offers, just as Barcelona has done. It remains to be seen whether more clubs will join the crypto train in the future.