Newcastle United and Cardiff City are in talks with micro-financing company SportyCo over launching their own cryptocurrencies, according to The Times.
The national newspaper claim that the Magpies and the Bluebirds are considering this commercial scheme as it could help raise funds to boost their chances of surviving in the Premier League.
The Times report that the new potentially money-making scheme was implemented by a Brazilian Serie B team Avaí last week with them becoming the first club to launch their own cryptocurrency.
It is believed that investors as well as supporters would be able to buy the new currency in the form of tokens in the hope of making some profit on them in the future.
OPINION
Anything that brings further funds to the Magpies is a positive but then there’s also going to be doubts whether the newly gained funds will be invested in the team. Rafa Benitez wasn’t exactly handed a huge transfer budget in the summer and it was easy to suggest that the club could have justified spending more as there should have been more money available. Yet if cryptocurrency ends up being a huger generator for football teams than the Magpies would be wise to jump on the hype train as early as possible. The Times claims that other Premier League teams will monitor the results of the Bluesbirds and the Magpies’ if they venture into digital financing and decide whether to get in on the action themselves from that point. This shows that the early numbers must imply that it is a worthwhile scheme to implement as other sides in the division wouldn’t be sniffing around the idea of deploying it anytime soon.
