The first signing of a local football player with cryptocurrencies has hit national headlines in Argentina.
The transfer of midfielder Giuliano Galoppo from Banfield’s Athletic Club to Sao Paulo Futebol Clube was made in USDC, exceeding $6 million and up to $8 million depending on the volatile exchange rate of the Argentine peso, according to local sources. The transfer was made possible through a collaboration with the Mexican crypto exchange Bitso.
The transfer happened amid a difficult economic situation for Argentinian sports clubs. The reported exchange gap between pesos and United States dollars keeps escalating, affecting the possibility for football players to get signed by international teams and inducing them to renegotiate their contracts to adjust their salaries to the volatile USD price.
The country’s unstable economy has led to a major adoption of cryptocurrencies, especially stablecoins. The tendency toward stablecoins notoriously escalated after the shocking resignation of Argentina’s economy minister earlier this month.
The practice of crypto adoption has also been replicated in sports by players and clubs alike in the country. However, this would be the first time clubs could accept cryptocurrencies as a form of payment for international transfers to regain a competitive advantage in the market for their players.
