A Brazilian football team is looking to raise $20 million by launching its initial coin offering (ICO).
A Series B soccer team, Avaí Futebol Clube, published Wednesday that it was generating its cryptocurrency as part of an effort to create a digital ecosystem for its fans, help it qualify for the top tier (Series A) of Brazilian soccer and the prestigious Copa Libertadores competition also to build up the team's physical infrastructure.
Inside World Football announced that the club would sell 20.46 million tokens at $1 apiece. The club will hold onto another 1.54 million tokens, or approximately 7 percent of the total tokens generated.
The team is operating with SportyCo and Blackbridge Sports to develop and also launch the token sale, which will start on October 3.
Avaí president Francisco José Battistotti declared in a statement that the ICO is targeting a "global football fan base,"
Investors that buy the token will be able to trade on exchanges or purchasing tickets, merchandise or other "unique experiences," SportyCo co-founder Marko Filej said.
Avaí intends to raise $8 million at a lowest. If the club does not reach this threshold, all funds refunded. If it increases between $8 million and $20 million but falls shy of its top goal, the unsold tokens will be burned, according to the report.
The team combines French club Paris Saint-Germain, which published Tuesday that it was also planning to issue a cryptocurrency as an incentive mechanism for its fans.
Nevertheless, the PSG token will not have a monetary role. Alternatively, the token will help fans vote on team choices such as jerseys, as previously reported.