The crypto furor reached Argentine soccer: a club pays its players with a digital currency

The crypto furor reached Argentine soccer a club pays its
The Sports Club and Mutual Leandro Niceforo Alem ventures into cryptocurrencies
The Sports Club and Mutual Leandro Niceforo Alem ventures into cryptocurrencies

The Club Deportivo y Mutual Leandro Nicéforo Alem (CDMA), became the first in the country to pay its players with cryptocurrencies. In turn, it will announce its sponsors with blockchain soon.

The CDMA, which plays in the fourth division of Argentine soccer, became the first local soccer team to pay its players with the cryptocurrency Tether (USDT), the third largest cryptocurrency in the world, according to the club’s manager. Daniel Etcheverry.

Unlike cryptocurrencies such as Bitcoin or Ethereum, whose prices fluctuate based on the supply and demand that constantly exists in the market, Tether is a “stablecoin” or stable coin. The price of this type of cryptocurrency is subject to another asset or group of assets, in this case, the US dollar. This means that the price of a Tether will always be similar to a dollar, with minimal fluctuations, almost imperceptible.

This is how CDMA joins the few teams in the world that pay their players or receive money from their sponsors with cryptocurrencies. Among them are AZ Alkmaar, a team from the Netherlands that pays salaries in Bitcoin, as well as the English team Southampton FC. Also, Gibraltar United FC and Harunustaspor of Turkey do.

Danny Ings' Southampton's receives Bitcoins from its sponsors
Danny Ings’ Southampton’s receives Bitcoins from its sponsors

Explaining the novelty, Etcheverry said: “I teach you the importance of a stable currency and a fluctuating one. When the transaction takes place, one of the two may benefit or suffer depending on the price variation at the time of the transaction. That is why I explain to them that it is good to take a profit when a currency rises in price and sell it, and wait for it to fall. I explain the difference between stable and fluctuating currencies so that they know how to interpret that part ”.

The manager, who promoted the measure, said that, in order to make the transition from the peso to cryptocurrencies, first a comprehensive training in digital assets had to be provided to the entire campus, explaining the utility and benefits of charging in this way, in General Rodríguez, province of Buenos Aires.

Etcheverry maintains that the club took the news well from the beginning, and all its members understood the dynamics, except for the leaders, who required the training, although the young people guaranteed that their salaries were paid with the Tether cryptocurrency.

In addition, he said: “The boys gradually softened. Days ago I was with one of them, chatting, I send them videos of the projects of the currency that they acquire and I teach them how to buy it through the exchange. He explained the project, what each currency is, the importance and the utility that each currency is going to have ”, and mentioned that he fully trusts the new blockchain technologies and cryptocurrencies. Despite this, he admitted that changing the form of payment is a great challenge for the club.

“They are youths without a professional contract, they are from the first division. Some have already played, very little, but they have not yet reached the contract, so I wanted to do it so as not to bring an inconvenience to the club in the legal and tax part. As boys go up, it will also be explained to them, ”he told the EFE news agency.

“Those who charge for cryptocurrencies charge 100% crypto, They do not receive per diem, they do not receive anything. I have been a boy from the club, I have been in their place, I am from General Rodríguez, one block from the field I always lived, I did not have per diem. It is called per diem in quotes to financial aid. As I have been in their place, it occurred to me on that side to help mainly ”, before underlining that he would soon talk about his sponsors Atomic3 and Ettios.

To this day, it is the biggest breakthrough in the sports world regarding cryptocurrencies in the country. Recently Lionel messi launched its own non-fungible tokens, just like it had weeks ago Javier Zanetti and how did the basketball player Luis Scola. Also, the soccer team launched its tokens for Argentine fans prior to the Copa América. While anyone could access all these tokens, money was needed, and the knowledge to do so, now with the training that the club will provide, the world of sports is expected to venture further into the crypto world.