Bitcoin Market and Vasco da Gama announce unprecedented partnership that will token players‘ right to sell

With CVM ‚approval‘, Bitcoin Market will allow investors to buy tokens that are equivalent to the right to sell Vasco da Gama players

Club de Regatas Vasco da Gama, one of the giants of Brazilian soccer, and the Bitcoin Market, one of the largest platforms for crypto and digital assets in Latin America, have just agreed on an unprecedented partnership in world soccer to token the rights of the solidarity mechanism.

The Solidarity Mechanism, which works as a percentage right to sell a player and encourages clubs to form athletes. Through this mechanism, up to 5% of the total value of each international transfer of an athlete can be shared with all the clubs through which an athlete has passed during his career until completing 23 years.

Through this partnership between Vasco and Mercado Bitcoin Supreme, the FIFA solidarity mechanism will be tokenized and the holders of the token will be entitled to a percentage of the sale value of any player to the athlete’s training club.

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According to information given to the Cointelegraph, in total will be 500 thousand tokens, which reach the value of $ 50 million.

Cointelegraph Brazil also followed the live of the unprecedented launch for the market of cryptomoedas of Brazil and the world and brought information about the partnership.

Each token will correspond to a part of the solidarity mechanism rights of 12 athletes formed in the basic divisions of Vasco da Gama, including Philippe Coutinho, Douglas Luiz, Alex Teixeira and Allan, who are successful in giants in Europe and Asia and have in the curriculum of the Brazilian national soccer team.

„We are a club that traditionally trains athletes, great Brazilian stars emerged in São Januário“, says Alexandre Campello, president of Vasco.

Tokenization

According to Campello, since 2018, the Club has been seeking possibilities of using cryptomites to generate new revenues and/or financial resources.

„This movement is part of the Strategic Planning actions implemented by the current management, with a strong commitment from the financial, legal and soccer boards, and with KPMG’s financial advisory“.

To reach this point, besides counting on the experience of MBDA, a Bitcoin Market ecosystem company, responsible for the tokenization of several alternative assets, legal opinions were obtained from renowned lawyers specialized in matters related to soccer, digital currencies and securities regulation.

Also according to the announcement, a formal consultation was made to the Securities and Exchange Commission (CVM) to confirm the understanding that the token is not a security.

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The Bitcoin Market, besides making the token available on its platform, has already guaranteed the pre-buying of 20% of the 500 thousand tokens that will be created for the value of R$ 10 million, which will be credited to Vasco da Gama even before the opening of the sale to the investor.

„This is a token that should change the way soccer treats the solidarity mechanism. Vasco is the first club in the world to count with this token, but we want that other clubs can have access to it. We trust that we are creating a new source of revenue for the clubs,“ says Reinaldo Rabelo, CEO of Mercado Bitcoin.

In return, the brand of the Bitcoin Market will print the shirt of Vasco in up to eight games of the Brazilian Championship 2020.

Transparency

To reach the value of the tokens, MBDA and Vasco da Gama used the current market value of these players estimated in the Transfermarket, site used worldwide to evaluate how much each player is worth or could be worth, considering the age and possible transactions to buy and sell these athletes.

Thus, the estimate is that, in the next years, Vasco is entitled to around R$ 50 million, considering the current quotation of the Euro, referring to the percentages of solidarity mechanism that the team has of these players.

All the details of these values will be updated and presented until the official launch of the token, which should happen in the next 45 days. The Club intends to include in its App, which is about to be launched, continuous and updated information about these players.

Thus, over the next two months, the Club and MBDA will launch the token on the Bitcoin Market platform and anyone in Brazil and the world will be able to purchase them – just open an account on this digital platform.

MBDA has pre-acquired, as described above, 20% of the tokens for R$10 million and will receive, in addition, 5% of the tokens for the services of operationalization of the structure, issuance, monitoring of the operation, and others, telecommerce.