Brazilian Football Team Buys Players Using Crypto

sau paulo fc

As the week concludes, one of Brazil’s most prominent football teams, Sau Paulo, has announced the acquisition of a new player, Giuliano Galoppo, from Banfield, an Argentine mid-table club.

Notably, the transfer was completed using Cryptocurrency as the medium of payment. Sau Paulo signed Giuliano Galoppo using a stablecoin USDC via Bitso, a Latin American exchange.

The CEO of Bitso in Brazil, Thales Araújo de Freitas, regarded the transaction as a historic moment for their exchange, Sau Paulo, and even the South American Soccer community.

However, on the contrary, the announcement has stirred rumors that Banfield had agreed to the transaction to evade Argentina’s current restrictions on foreign exchange. Consequently, the Argentine club has received a 90-day ban from the official exchange market for selling or buying players. This announcement was made by BCRA, Banco Central de la República Argentina (translated as The Central Bank of Argentina).

As and when curating this news, the amount for the deal remains undisclosed. Although, unconfirmed sources claim the transaction is worth $8 million.

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