Argentine FC makes a transfer for $8 million in cryptocurrency

The transaction is considered an export operation, so Banfield must convert the funds received into pesos on the official exchange market

01.08.2022 - 12:35

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What’s new? Argentine football club Banfield has completed the transfer of midfielder Giuliano Galoppo for $8 million in USDC stablecoins. The footballer transferred to Brazilian FC Sao Paulo. The transaction was made on the Mexican crypto exchange Bitso. The platform’s Brazilian director, Thales Freitas, called the transfer a “historical signing,” stressing that the deal went through “with all the safety, transparency and flexibility that the crypto economy has to offer.”

Bloomberg Linea’s material

What else does the outlet report? Argentina’s unstable economy has led to the mass adoption of cryptocurrencies, particularly stablecoins. According to Bloomberg, sources at the Central Bank of Argentina (BCRA) explained that the transfer of Galoppo is an export operation. For this reason, Banfield is forced to convert the received USDC into pesos using the official exchange market.

In July, cryptocurrency exchange OKX signed a sponsorship agreement with the English football club Manchester City. The OKX logo will be placed on the players’ uniforms during the 2022/2023 soccer season. In the same month, crypto exchange Binance announced the start of ticket sales in the form of NFT for Italian FC Lazio’s games in the 2022/23 season.

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