Libereum, a Dutch crypto firm, has just moved to purchase Spanish Premier League football regulars Elche Foot Club in a sensational takeover of $4.9 million.

Foray into Sports

According to a statement published on the firm’s official website, Libereum revealed it had finally made successful ownership of Elche FC, a Spanish football club which was relegated to the second division amidst tax debts and economic issues.

The move marks Libereum’s first successful foray into the world of sports in alignment with its topmost goal of introducing cryptocurrency into the sports sector. That Libereum has chosen football as its first test field and domain is only logical and expected. Cryptocurrencies are beginning to find themselves in different fields ranging from cross-border payments to agriculture, and it was only a matter of time before a crypto-inclined firm took made an overture to sports.

The firm’s token, Libertoken is an ERC20 token and is based on the Ethereum blockchain. The firm’s top priority remains to get a significant amount of users in the sporting industry. Libereum explained on their website the reason behind their choice of football amongst a host of other sports and noted that being the most popular sport in the world, it aims to purchase football clubs in the top divisions of the world.

Libereum, however, quickly notes that it would not be staying put to the football world as it sees itself dominating more territories and attending to fans’ needs. A part of the firm’s statement read:

“Our plan goes beyond the purchase of football clubs. We chose football because it’s the most popular sport on the planet. Libereum will use the passion people have for football to have Liber adopted by the masses. But this is only the first step. After we have conquered football, we will slowly move our aim towards other popular sports.”

Crypto Bolstering Sports

Football is gradually entering the crypto sphere as popular football clubs forge partnerships with crypto firms in a bid to bolster financial support. In a decade that has seen financial capacity usurp the place of history in soccer, historical football clubs such as AC Milan and Liverpool have been left in the wake of oil-bolstered clubs such as PSG and Manchester City.

Seven football clubs in the English Premier League recently partnered with eToro to integrate blockchain into football stadiums. This is one area Libereum hopes to accomplish, and the Dutch firm has promised to provide a necessary capital injection to see Elche FC back in the top division in a season or two.

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