Brazil's São Paulo Signs Argentine Football Player Giuliano Galoppo With Payments in USDC Stablecoin 6a571v Technology News

Argentina's unstable economy has led to a major adoption of cryptocurrencies, especially stablecoins. s352q

By Shomik Sen Bhattacharjee | Updated: 2 August 2022 18:44 IST

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

Photo Credit: Liquid Network 3d3g40

Argentina’s economic restrictions have reached the sports industry

Highlights

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

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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 g 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.

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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.

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Elsewhere, Brazilian soccer giant Sao Paolo has already displayed its for the digital asset universe. Two months ago, the football club Shiba Inu. Apart from assisting São Paulo, the platform will also serve as its financial sponsor for the next three years.

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