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Football club Benfica accepts crypto payments

Samson Ononeme | Jun. 7, 2019
Football club Benfica accepts crypto payments

Portuguese sports club SL Benfica now accept crypto payment. On its website, there is an option to buy products in cryptocurrencies like UTRUST (UTK), Bitcoin (BTC), or Ethereum (ETH).

June 7, 2019, | AtoZ Markets Portuguese soccer giants Benfica have partnered with Utrust, a cryptocurrency payment solution company, becoming the first club in a top-flight European league to accept crypto payments. Under the new deal, Benfica fans will now be able to use cryptocurrency to purchase match tickets and merchandise through the official Benfica online store.

Benfica cryptocurrency partnership “major milestone”

The partnership with UTRUST is designed to evolve Benfica’s e-commerce strategy and expand its global audience and customer reach, with the introduction of cryptocurrency aiming to draw tech-savvy supporters and cryptocurrency holders in Portugal to the Lisbon-based club.

Benfica currently has more than 14 million supporters worldwide, with a digital fan base that exceeds 7 million across its official social media platforms and hopes to further grow that number by offering an enhanced online experience in partnership with Utrust. Domingos Soares de Oliveira, SL Benfica chief executive, said:

“Our benfiquistas [supporters] make Benfica the unique and special club it is and we recognize that many of our supporters are now digital users first so we want to be ahead of the curve when it comes to adopting novel technologies and giving our supporters the best online experience. We are very excited about the possibilities that this partnership with Utrust presents in the evolution of our e-commerce strategy and we look forward to accepting our first cryptocurrency payment.”

Nuno Correia, Utrust co-founder and chief executive, added:

“This partnership with Portugal’s number one football club marks a major milestone for Utrust and the blockchain ecosystem as a whole. Benfica is one of the biggest sporting clubs worldwide and we are delighted to be making cryptocurrency payments possible for their 14 million supporters around the world.”

On the pitch, Benfica claimed a record 37th Primeira Liga title, topping the Portuguese top-flight by two points from rivals Porto.

European football clubs flirt with the blockchain concepts

While Benfica is the first major European soccer team to accept cryptocurrency payments, a number of other clubs and teams and players in the sport are involved with the blockchain technology. 

In 2018, another three famous European football clubs - Juventus, Paris Saint-Germain and West Ham United - announced that they're partnering with Socios.com, a mobile app for football fans, in order to launch a fan token offering (FTO) for supporters.

According to the website of Socios.com, fan tokens will be available for purchase at the start of the upcoming season. These tokens will only be available through Socios.com, and will be tradeable against the platform’s native token, CHZ – fans will need to purchase ChiliZ tokens to exchange into Fan Tokens, the company explained, adding that

"Free Fan Tokens and CHZ will be available to collect as soon as the app is available to download, from early Q3."

Socios.com claims it raised more than USD 66 million in funding, including an investment from major crypto exchange Binance and undisclosed Asian crypto funds.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.