Sao Paulo football team signs a local player using crypto

Sao Paulo, one of the biggest football teams in Brazil, has recently acquired a player using crypto.

With the aid of USDC, a stablecoin pegged to the US dollar, Sao Paulo was able to sign the player from Banfield, a mid-table Argentine squad. Circle Internet Financial, situated in the US, is the issuer of USDC.

With the use of a stablecoin, midfielder Giuliano Galoppo was transferred from Banfield's Athletic Club to Sao Paulo Futebol Club.

This deal, which was affected by the Argentine peso's fluctuating exchange rate, cost between $6 million and $8 million.

This transfer was made possible thanks to a partnership with the Mexican-based cryptocurrency exchange Bitso. One of the biggest crypto exchanges in South America is called Bitso.

Argentina is currently experiencing economic constraints as a result of an economic crisis.

Argentina is now experiencing severe economic crisis, which has impacted Argentinian sports teams. This is good news since it's the first time a soccer player has signed a crypto contract.

The head of Bitso in Brazil, Thales Freitas, said:

"We are very proud to work with these two clubs for this historical signing of Sao Paulo with all the safety, transparency and flexibility that the crypto economy has to offer."

This move was successful, but there are several components of the agreement that need to be taken into account. Pesos and USD are currently separated by a growing and developing disparity.

This might lead to a circumstance where football players signed by international teams are able to renegotiate their contracts to change their pay.

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