The latest football team to embrace cryptocurrency is the Brazilian football club Atletico Mineiro, who are amidst launching a crypto token for fans called ‘Galo Coins’.

The relationship between the crypto industry and football is at an all-time-high as sports and crypto are a match made in heaven. As crypto looks to gain wider traction in the mainstream, nothing is more mainstream than football.

New Crypto Token for Football Fans

Atletico Mineiro is a Brazilian Premier League club that is making the news for creating their own Galo Coins, which is a crypto for fans of the club that enables them to buy match tickets and merchandise, while also obtaining numerous discounts at the club.

The word ‘Galo’, translates in English to ‘rooster’, which is the club’s mascot. The move makes Atletico Mineiro the first Brazilian football club to launch a blockchain-based crypto for payments across South America.

The best part about the coin is its simplicity, which is essential when trying to attract new crypto users. The Galo Coins are priced the same as the Brazilian Real currency. Fans need to buy at least 50 Galo Coins, which is approximately $13 to be able to use the tokens.

The crypto token is similar to the Foot Coin platform and allows users to exchange the Galo Coins for Ethereum tokens. Other top-flight football clubs across Europe who are currently using the same concept are Paris Saint Germain and the Italian football giants Juventus.

Partnership Between Football and Crypto

Football and cryptocurrency go together like foot and boot! In recent times, we have seen football legends such as Ronaldinho create his own Ronaldinho Soccer Coin (RSC) that aims to launch a variety of VR soccer stadiums across the world.

Other world-renowned footballers such as Didier Drogba, Michael Owen, Roberto Carlos, Luis Figo, and Lionel Messi have joined the crypto affray by either creating their own coins or endorsing another crypto token.

Earlier this year, Gibraltar United became the first football team in the world to pay its players in cryptocurrency. The club’s owner Pablo Dana created his own Quantocoin crypto token that could well be used as a blueprint for clubs looking to fully integrate crypto into their football clubs.

As football and crypto forge a partnership that could change the way fans buy tickets and merchandise, it will be interesting to see how the Atletico Mineiro crypto token pans out in both the short and long-term.

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Singapore Exchange Limited (SGX), along with the Monetary Authority of Singapore (MAS), have successfully tested the use of blockchain technology for tokenized assets settlement, according to a SGX release issued Sunday, Nov. 11.

The report reveals the data on the trial that began in August, shortly after MAS and SGX had partnered with U.S. stock market Nasdaq, “big four” consulting company Deloitte, and Singaporean tech company Anquan. As per the release, the partners have developed a blockchain-driven solution for Delivery versus Payment (DvP) capabilities — a settlement procedure where the buyer’s payment for securities is due at the time of delivery.

The trial has shown that financial institutions and corporate investors are able to carry out the exchange and final settlement of tokenized assets on different blockchain platforms simultaneously. SGX believes that this could increase operational efficiency and reduce settlement risks. Moreover, the technology could further help automate DvP settlement processes by using smart contracts, the report concludes.

Tinku Gupta, Head of Technology at SGX, also revealed that the exchange has filed its first-ever patent:

“Based on the unique methodology that SGX developed to enable real-world interoperability of platforms, as well as the simultaneous exchange of digital tokens and securities, we have applied for our first-ever technology patent.”

As Cointelegraph has frequently reported, Singapore-based companies are actively testing blockchain solutions in different areas.

For example, in July, local government-owned service provider CrimsonLogic unveiled its cross-border blockchain network for global trade in order to boost the efficiency of trade corridors between China and the Association of Southeast Asian Nations (ASEAN) nations. And in October, a major corporation providing electricity and gas transmission in Singapore, SP Group, launched a blockchain-powered renewable energy certificate marketplace to buy and sell solar energy worldwide.

In late October, Nasdaq also won a U.S. patent for a smart-contract based information release system, which would allow to keep data safe before the issue. The stock market is awaiting decisions for other blockchain-related patents as well.

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The Thai Securities and Exchange Commission (SEC) has issued a warning about investing in nine digital tokens and Initial Coin Offerings (ICOs), which have not been accredited by the regulator, news outlet Bangkok Post reported Oct. 26.

The SEC reportedly initiated an investigation into digital tokens and ICOs being promoted on social media platforms for investment, and found nine cases wherein promoted digital assets had not been authorized by the market regulator.

Per the SEC, the alleged digital assets and ICOs have neither filed an application for the SEC’s approval, nor have they met the necessary qualifications and had smart contracts assessed by ICO portals. The SEC said that those who have invested in the alleged assets should be wary of associated investment risks.

The SEC reportedly reiterated a warning about Ponzi schemes that persuade people to invest in digital assets by promising investment returns generated from tokens. “Information disclosure for investment decision-making is also inadequate, while these digital assets might not have sufficient liquidity to trade and cannot be converted into cash,” the regulator added.

In August, the SEC said that almost 50 ICO projects expressed interest in becoming certified following the Finance Ministry’s announcement to introduce ICO regulations. The authorization process takes up to five months as upon submission of an application, the SEC will transfer the document to the Finance Ministry within 90 days. After that, the Ministry has 60 days to make a decision whether to approve a license.

Later that month, the SEC approved seven businesses to conduct cryptocurrency operations as part of the formalization of the country’s domestic market. The move forms part of a package of “transitional” rules governing crypto businesses operating in Thailand prior to the first tranche of regulations that came into force May 14.

The 100-section law defines cryptocurrencies as “digital assets and digital tokens,” and brought them under the regulatory jurisdiction of the SEC. Thai Finance Minister Apisak Tantivorawong reportedly assured that the new measures are not intended to prohibit cryptocurrencies or ICOs.

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