Two Brazilian football teams, Atlético-PR and Corinthians, have reportedly recently signed partnerships with Hong Kong-based crypto startup Inoovi, which recently launched its “IVI” token specifically for the sport.
According to local news outlet Portal do Bitcoin, the president of Atlético-PR’s Deliberative Council, Mario Celso Petraglia, revealed the partnership this week, announcing it as an “innovation in Brazil’s sports market.”
Per the news outlet, the partnership gives Atlético-PR a 12-month grace period to start using the IVI token and promote Inoovit by adding its name to the team’s uniforms and website, while encouraging the team behind it to use the token.
After the 12-month grace period, the club and the company behind it are set to start using the cryptocurrency in negotiations, to pay for salaries, and on other expenses. Petraglia revealed the club is getting paid for the partnership but claimed it was only enough to launch a promotional campaign.
He warned, however, that the cryptocurrency ecosystem is still in its infancy, and asked those present at a press conference to be patient, as not everyone easily understands how cryptocurrencies work. He added:
“Cryptocurrencies have been gaining value and we have no doubt about that. I, in particular, will be part of [those who] purchase this currency as an investment for my personal savings and recommend it to everyone.”
Notably, when asked about the potential profits the deal will bring in, Petraglia stated he intends to transform the club using them. Inoovi’s chief executive officer and president Loic Lacam, who was present at the press conference, added the company will support the club while it is starting to use cryptocurrencies.
It’s worth pointing out that Atlético-PR’s lawyer, Marcelo Amoretty, revealed that Corinthians, another Brazilian football club, has already signed a deal with the cryptocurrency startup. He added that a few European clubs, including Besiktas, Fenerbahce, Galatasaray, and Shakhtar Donetsk are negotiating with Inoovi but have not yet signed agreements.
The startup’s IVI token has reportedly surged from $0.10 to $1.00 following the announcement, although it isn’t possible to find it on common cryptocurrency data aggregators like CoinMarketCap and CryptoCompare. Token holders will be able to use IVI to access VIP rooms during matches, meet with players, purchase autographed gear, and purchase tickets at a discount.
Inoovi’s development comes as the FIFA World Cup is being held in Russia, where there aren’t a lot of real opportunities to pay with cryptocurrencies.
While the crypto startup’s development is notable, football influencers have been moving into the cryptocurrency space, as it was earlier this year revealed that legendary player Luis Figo is brand ambassador for crypto startup Stryking Entertainment. In an exclusive interview Figo revealed that he doesn’t yet own any cryptocurrencies, after acknowledging the crypto industry and businesses within it are “very new.”