Blockchain emerging as an innovation in the football market…potential to streamline the transfer system

Blockchain technology is emerging as a solution in the global football market. It is said that the problems caused by astronomical transfer funds in the football market can be solved through blockchain-based fast payment processing and access to the global market.

On the 14th (local time), cryptoasset (cryptocurrency) specialist media outlet Cointelegraph reported, analyzing Sportquake's data, that the cryptoasset industry accounted for 43% of football clubs' sponsorship deals and that the intersection between the cryptoasset industry and the global football market is expanding.

In fact, blockchain is already being used in the football transfer system. Beginning in 2018 when Harunustaspor paid part of Omer Faruk Kiroglu's transfer fee in Bitcoin (BTC), clubs such as Inter Madrid and Raków Częstochowa have been conducting transfer fee payments using cryptoassets.

Payment of transfer fees using stablecoins (cryptoassets pegged to fiat currencies) is also spreading. São Paulo FC completed a transfer worth $8 million using USDC to address Argentina's unstable exchange rate issue.

The outlet evaluated that "blockchain technology maximizes efficiency in the football transfer market and, by providing a fast and transparent payment system, opens up opportunities for even small clubs to enter the global market."