Gibraltar United was the first football team that in 2018 promised to pay its players in cryptocurrency. One year later, the promise is still not fulfilled, as noted on the Next Web on March 26.
Paying Salaries in Cryptocurrency
Gibraltar United is one of the island Premier teams. The club, last year vowed it was starting to pay its players in cryptocurrency, but up until now the club hasn’t been able to keep its promise.
Last July, the Guardian reported that Pablo Dana, the club founder and major associate said he would make Gibraltar United the first club in the world to “pay players in cryptocurrency” and that all the following season contracts and payment agreements would be made by next season.
A Club representative told the news agency:
“All players and staff will be requested to open a digital wallet and they will be able to choose to receive their salaries in fiat or QTC [Quantocoin]. This said all future bonuses will exclusively be paid in crypto.”
According to news, Dana stated he would inclusively integrate cryptocurrency payments into other clubs owned by him as soon as possible:
“Gibraltar is the starter. We announced this already back in January this year that the start of the 2018-2019 season would see the team adopt the cryptocurrency.”
But despite Dana’s promises, the season is almost finished and there is still no sign that players are receiving their salaries in cryptocurrency.
Why Is This Promise Not Being Kept?
The arrangement was to develop a digital asset called Quantocoin (QTC) which would be used to manage players’ salaries. Players would have to download the app to receive their salaries in the native coin and then they would be able to convert QTC tokens into different cryptocurrencies directly from the app.
Dana saw this model as the possibility of the club being its own bank as well as it would be equally helpful to avoid the challenges they face when setting up local bank accounts.
With Quantocoin the club would have access to an alternative banking platform. Of course, this was last year, back in August and up until now, we are yet to see Quantocoin on any exchange. So, if Dana’s plan would have gone right, players would still not have any place to trade their tokens. It seems that the project didn’t go well and the plans are still miles away from being completed.
As for Quantocoin (QTC), the team claims to be already in its final stage of development and soon will be able to launch its distributional token offering (DTO) as it is branded. While this seems to be the only way to get the tokens, there is still no place for them to be traded.
The staff and players at Gibraltar United were contacted by the Next Web to find out when the team was expecting to start to be paid in cryptocurrency. One of the players was able to confirm that no one in the team has received salaries or any bonus in cryptocurrency up until now. The player said:
“There is an agreement in place to receive prize money or bonuses in Quantocoin. Once the app is fully running we will also have the option to get paid in Quantocoin or in normal currency as we are now.”
Similar to this, last year Odyssey, a startup focused in Bitcoin ATMs said it would be installing 1,600 Bitcoin ATMs before the end of 2019, in Argentina. It even mentioned that 150 of these ATMs would be installed before the end of 2018, but several months later Odyssey, started to withdraw its promises.
Dana believes the technology has lots to offer to the sports industry and that it will hit mass adoption soon. He stated that once players start to receive their salaries in crypto, they won’t even need to trade it for fiat. He said:
“Football must become more transparent and less corrupted, and blockchain is the right way to showcase this reality. For us, it is a fabulous opportunity to lead the way and finally, bring real transparency to the table.”
While the QTC is already available on Google play but barely reached 50 downloads yet. Besides, the app hasn’t been updated since last June when it was launched, so Gibraltar United Players will still need to wait for their payroll to be done in cryptocurrency.