Brazilian football club Avaí has announced that it will launch its own cryptocurrency through an Initial Coin Offering (ICO) to raise $20 million. Recently, popular French football club PSG had also announced plans to launch its own cryptocurrency. Avaí FC is partnering with SportyCo and Blackbridge Sports to raise funds through the ICO. The Avaí FC token, priced at $1, will be available for sale from October to early November. Footballs fans wishing to support Avaí FC can participate in this ICO.
It clearly shows that legitimate businesses can still go down the ICO route to raise capital, irrespective of the market conditions. It will also be interesting to see how the token appreciates in price. While the club has decided to list the token on multiple cryptocurrency exchanges, will it find enough buyers (considering it is a small club) to fuel demand and drive prices up?