Although the world of DeFi and crypto aren’t doing well as of now, that hasn’t stopped their adoption. Recently a Brazilian UFC fighter accepted Bitcoin as part of their payment for the fight. The NFL in the USA has also seen such cases.
But as a first in Argentina, a player was signed with a club that paid his transfer fees in the form of crypto. This has been the case due to the fact that the Argentinian currency has been weakening against the US dollar a lot. The poor performance of the national currency has finally reached sports too.
Giuliano Galoppo has been signed by São Paulo Futebol Clube with a transfer fee of $6-8 million. He was paid in USDC and his final payout will depend on the volatility of the Argentine peso. Bisto, a Mexican crypto exchange, aided the transfer.
Thales Freitas, who is the head of Bitso’s director in Brazil said he was very proud to work on the deal. With the difference between the US dollar and the Argentinian Peso increasing, many international players have renegotiated their contracts.
The country’s unstable economy is also a major factor that has been bothering the sports clubs. This is why there has been a major support for crypto and stablecoins. With the Economic Minister of the country also resigning, crypto adoption has been a bit slow but steady nonetheless.
With many people adopting crypto due to its great returns on stablecoins, it is the best time to add some to your portfolio.