Brazilian Football Club Series In Avai Futebol Clube has announced that it is working to create its own cryptocurrency and plans to conduct an initial coin offering (ICO) for $20 million.
It is reported that the cryptocurrency will become part of the digital ecosystem for the fans of the club, will help him to enter the Brazilian Serie A and compete for the Copa Libertadores. Also representatives of the club are sure that ICO will help raise money for the development of Avai infrastructure.
The football club plans to sell 20.46 million tokens at $1 each. Avai Futebol Clube will leave 1.54 million tokens, or 7% of the total volume of emissions.
To issue tokens, the team’s management works with SportyCo and Blackbridge Sports. The launch of the ICO is scheduled for October 3.
Avai Club plans to receive funding of at least $8 million. If the fees do not reach this mark, all investments will be returned. If the amount in the range from $8 to $20 million is collected, the remaining tokens will be “burned”.