Fiat currency makes corruption easy and unnoticeable if no paper trail is left as transactions can be concealed, disguised and manipulated to make the leakages and injection of money coming out of one valve (persons account) into another seem ordinary and legal.
However Gibraltar United, a British soccer club is aiming to change that and cryptocurrency is their answer. Cryptocurrency makes all transactions competently transparent. Making things more transparent can mean better performance and game spirit along with no malpractice on the side of the players as well as the club itself.
Gibraltar United played in the Gibraltar Football League’s Premier Division – finishing 4th in the 2017/18 season. Their decision to make payments via cryptocurrency will make their game fair and save the shame that headlines impinge on the football ecosystem as well as the club. The move will allow more clubs to join the parade. Which will help the entire football circuit around the globe, saving it from the demise that other sports have faced due to loss in the faith of audiences induced by corruption charges and rigging.
Gibraltar setting a precedent?
While cryptocurrency is a rare choice the promise of transparency and accountability makes it a great one for the sports industry.
Gibraltar has already announced that they will give their players the opportunity to be paid in cryptocurrency over the upcoming season. This will make the club become the first football team in the world to offer their players and non-playing staff the opportunity to receive their wages in crypto as opposed to traditional fiat currency.
This will not only make the club a trendsetter in the global community, it will also have a ripple effect on the associated networks of people who will then converge to cryptocurrency solutions. The benchmark it sets will help the club improve its popularity and image as a young, contemporary and up-to-date one.
The idea can be traced back to the purchase of this club by an Italian-born businessman Pablo Dana, who owns Heritage Sports Holdings.
Heritage Sports Holdings is a firm that usually helps to facilitate football team acquisitions. His firm is geared by two principles: To help create better acquisitions and to further the industry into more sophisticated forms.
His own personal purchase of Gibraltar United was a joint venture with former Real Madrid and Spain defender Michel Salgado. The star studded takeover has now been studded even more with this bold move.
Dana the owner also acts as a partner and interim CEO for Quantocoin. Quantocoin is a firm that uses blockchain technology to provide an alternative crypto payment method for businesses, as opposed to using a traditional, physical wallet.
While most cryptocurrencies are a more secure method of payment than using traditional fiat currencies. Quantocoin has launched its own cryptocurrency of the same name – the Quantocoin – according to the firm this currency is backed up with multiple layers of security which contribute in an unbeatable transparency.
Combining his business portfolio, Dana saw an opportunity at Gibraltar United that Quantocoin could fill. The cryptocurrency ecosystem is still in infancy, the move away from better acquainted lifestyles to high-tech solutions is usually pesky; thus Dana felt most comfortable using Quantocoin as their initial choice.
How does this work
The blockchain run Quantocoin payment system logs every time a payment is made through a structure of autonomous and constantly updating nodes – therefore avoiding any future disputes over who owed what. This helps in maintaining a tamper proof ledger for all players that also reflects on their private incomes, making shady sums of money easy to identify. It is going to make the club less prone to corruption eventually.
He has also convinced the President of Gibraltar United, Paul Collado, to support the move. According to them, paying players in Quantocoin would not only save them money compared with paying wages in cash but every payment he made would be easier to trace. The sport crypto relationship is already on a roll as earlier NFL also partnered with a blockchain based startup SportsCastr.
It is a game changing development in a sport which has been hit by a number of high-profile corruption scandals involving cash, wired payments and back handers, which are sometimes as big as the accusation that Qatar bought votes as they won the right to host the World Cup in 2022.