Brazilian football club Series Avai Futebol Clube announced that it is developing its own cryptocurrency and plans to conduct an initial offer of coins (ICO) in the amount of $20 million, according to CoinDesk.

It is reported that the cryptocurrency will become part of the digital ecosystem for fans of the club will help him out in the Brazilian Serie a and compete for the Copa Libertadores. Also members of the club are sure that the ICO will help to raise money for infrastructure development Avai.

The football club plans to sell 20,46 million tokens for $1 each. Do yourself Avai Futebol Clube leave tokens of 1.54 million, or 7% of total emissions.

To issue a token, the leadership team works with companies SportyCo and Blackbridge Sports. The ICO launch is scheduled for 3 October.

“Our ICO we actively promote our club Avai in Florianopolis and throughout Brazil. We are working to become a stable member of the Brazilian Serie A and apply for participation in the Copa Libertadores. We are happy to work with SportyCo and become the first sports company that came to the primary offer of coins. We will pave the way for other clubs around the world and help them to Fund sports events with this innovative way,” — said the President of the club Avai Francisco josé Battistotti.

Co-founder SportyCo Marco Fili emphasized that the investors who bought tokens, can trade them on the exchanges, or to purchase the tickets, products and other “unique opportunities”.

Club Avai plans to obtain funding in the amount of at least $8 million If the fees do not reach this level, then all investments will be returned. If the collected amount in the range of $8 to $20 million, the remaining tokens will be “burned.”

Note that this week plans to launch its own cryptocurrency announced the famous French football club “Paris Saint-Germain” (Paris).