São Paulo, one of the leading clubs in Brazil, transferred players from Argentina club Banfield using USDC.
São Paulo announced that it has acquired Guiliano Galoppo from Argentine club Banfield. What makes this an interesting element is that the testimonial fee is given in USDC.
Cryptocurrency exchange Bitso mediated the transfer between the two clubs. Bitso CEO Thales Araujo de Freitas said:
“A historic moment for Bitso, São Paulo and South American football”
Bitso became one of the sponsors of São Paulo last January.
However, there were some problems with the transfer. The payment of the transfer fee in USDC was allegedly Banfield’s attempt to evade Argentina’s currency restrictions, which forced exporters to convert US dollars to Argentine pesos within five days of the transaction.
The use of USDC to avoid currency restrictions seems to be a solution for Banfield given that Argentina’s Central Bank does not mention the word crypto.
Circle CSO Dante Disparte previously stated that USDC is used as a means of payment to avoid currency risk.
Although both clubs did not disclose the value of the deal, it was stated as $8 million by the Argentine local press.
