RATE Group | Hull City takeover explained: Who are SportyCo and what is cryptocurrency?
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Hull City takeover explained: Who are SportyCo and what is cryptocurrency?

08 Oct Hull City takeover explained: Who are SportyCo and what is cryptocurrency?

Posted at 18:17h in Cryptocurrency News by

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The news Hull City has a new bidder to take over the club will be welcomed by many, but not everyone may understand the make-up of the deal.

Talk of crowdfunding through cryptocurrency and the make-up of the deal planned by SportyCo with the aid of Hull City Supporters Trust is not as straightforward as we’re use to seeing in football.

With that in mind we asked James McMath, media manager at Luckbox , a cryptocurrency supported betting startup preparing for launch, to explain what crytocurrency is and what SportyCo do.

What is SportyCo?

SportyCo is a type of crowdfunding platform – like a Kickstarter but supporters contribute by purchasing cryptocurrency.

SportyCo has its own token, an SPF Token, which can be bought via exchanges for traditional cash.

However, it is not clear whether the plan is to launch a Hull City-dedicated token as part of this plan.

What is cryptocurrency?

The SPF Token is just one of hundreds of cryptocurrencies, Bitcoin being the most famous.

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