Vasco da Gama tokenizes FIFA solidarity mechanism rights

The FIFA Solidarity Mechanism is part of the FIFA Transfer Regulation, which serves as a tool to incentivize transfers of young players.

The mechanism basically allows clubs who have owned the player to share up to 5% of the cost of transfer, making it easy for young players to get the necessary experience to compete in higher-tier clubs and competitions.

Vasco has decided to tokenize these exchanges with the help of crypto exchange Mercado Bitcoin, allowing holders of token to benefit from a percentage of the sale value of any player to the athlete's forming club.

Some 500,000 tokens will be available for grabs, Mercado has said, with tokens corresponding to a fraction of the mechanism rights for 12 athletes who have joined the football club's youth teams.

Alexandre Campello, Vasco's president, has said that the latest implementation of blockchain technology for the transfer mechanism reflects on the club's commitment to establishing transparency in the financial and legal running of the team and embrace new technologies.

Mercado Bitcoin CEO Reinaldo Rabelo believes that the token can completely change how such transfers are being carried out, and further create new source of revenues as well as engage fans.

Football clubs and blockchain operations have been coming together. Sportsbet.io has been sponsor of several teams in one capacity or another, including Arsenal.

In the meantime, some clubs have used blockchain to make it possible for their fans to make decisions as to what line-up to play.

Turkish football club Trabzonspor also recently introduced a token. In the meantime, blockchain gaming portals such as Sportsbet.io and Cloudbet are accepting blockchain wagers on sports outcomes.

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Written by David

Co-founder

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.

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