The company reportedly have the financial resources to bring Elche back into the Primera Division.
Libereum has bought the Spanish football club Elche CF, according to an announcement issued by the Dutch crypto firm on Wednesday.
Libereum uses its Ethereum-based ERC20 Liber token as a base for building a strong userbase in the football industry. By combining Liber with one of the world’s most popular sports, the company hope to encourage the adoption of cryptocurrency in the mainstream.
As reported by Finance Magnates, the agreement saw Libereum put down an initial €4.3 million towards the acquisition. As such, the agreement marks the company’s latest step toward making Liber the sole method of payment in its football stadiums.
“The purchase of Elche CF, a beautiful football club that shares our vision of a cryptocurrency future and is willing to actively communicate it to its supporters, is fantastic news,” Libereum founder Cem Kumlar, Libereum founder said in a statement.
He added that the team was “working very hard” to achieve this vision, and thanked those who had contributed to the process so far (source: Irish Tech News).
“The purpose of this takeover is twofold: on the one hand, we want to bring the club back to the Primera Divison. This requires financial injections. And that is where our digital coin comes in. We want the coin (token) to gradually become part of the financial policy in and around the club, so that everything in due course can be paid simply, in an easily accessible way, with Liber.”
Founded in 1923, Elche CF plays holds its home matches in the 33,732-seater Estadio Martinez Valero stadium based in the province of Alicante. After having been knocked from Primera, to Segunda Division of the Spanish league system following unpaid tax debts in 2015, Libereum reportedly said that it could provide sufficient financial aid to bump the club back up into the country’s first division over the next 2-3 seasons, Finance Magnates reported.