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Espanyol will take the cryptocurrency company Bitci to court

BarcelonaThe political regulation of the cryptocurrency sector threatens to break, or at least cool, the relationship that the world of football has maintained for a year. This emerging economy, linked to technology blockchain, was very well received by a large number of clubs and football teams, which since the summer of 2021 can no longer link its image, in Spain, with bookmakers. The gap left by these tried to take advantage of companies in the cryptocurrency sector, which saw in football the perfect opportunity, thanks to its large media showcase, to make itself known among millions of fans.

The confidence of the football world in this industry, however, seems to be starting to falter once Turkey has passed regulations to regulate it and veto international cryptocurrency transfers. This measure affects about twenty agreements that various sports organizations – including various clubs in the League, such as Espanyol, Celta, Cádiz and Alava, as well as teams from countries such as Spain, Brazil and the United States. Uruguay – have signed with the Turkish cryptocurrency company Bitci. This company is now unable to meet some outstanding payments, which has led some of these sports entities to go to court, he said. 2Playbook. In the case of Espanyol, in the coming days he will take the case to a court in Barcelona, ​​with the hope of being able to collect the outstanding figure before the end of the 2021-22 financial year on 30 June.

The Spanish-speaking entity, with which it has signed a three-year contract until 2024, admits the risk of being linked to an emerging sector like this, but recalls that it has already charged the fixed part in advance. The agreement with Bitci is in second place on the scale of sponsors of Espanyol, just behind Riviera Maya, which means an annual figure close to one million euros fixed. In addition, the entity has agreed to charge a percentage of the sales transactions that are generated with the fan token which Bitci markets under its name. As ARA has learned, it took only three days, between 16 and 19 September 2021, and 17 transactions to exhaust the 20 million token Spanish speakers.

The Turkish company, which sells them in installments, can sell a maximum of 50 million. The first package went on the market for a price of 10 cents, so that in this first phase transactions worth about 2 million euros were generated. The white-and-blue club has a significant pinch of this figure. Sources in the entity tell ARA that they are confident that Bitci will be able to find a solution in the coming weeks to be able to meet the outstanding payments, but admit that if this is not the case, the Turkish company should compensate financially. ‘Spanish.



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