Freedom Index
Listen to the article
Dogecoin Foundation’s commercial arm, House of Doge, has snapped up a majority stake in a historic but struggling professional Italian football team.
In an announcement from Monday, the House of Doge, together with merger partner Brag House Holdings, Inc., has become the “largest equity holder” in US Triestina Calcio 1918, as part of its mission to back projects that “carry community, cultural relevance, and long-term value.”
“The investment in US Triestina 1918 represents Dogecoin’s most ambitious step into European football, positioning House of Doge at the forefront of merging digital assets with traditional sports,” it said in a statement.
As part of the move, House of Doge will supply US Triestina Calcio 1918 with fresh capital to help develop football operations and the club’s community initiatives.
It will also see the introduction of crypto integrations within the club, for aspects such as enabling crypto payments for “tickets, concessions, and merchandise at home fixtures.”
“The objective is to introduce a modern payments structure that enhances the match-day experience and supports the club’s financial resilience, simultaneously bringing further utility to Dogecoin,” the announcement reads.
If the House of Doge can help the club return to its former glory, there’s the potential for a lot of eyeballs on Doge, with an average of between three and six million domestic viewers reportedly tuning in to watch top-flight matches in the Serie A.
Italian soccer team risks falling down the pyramid
Over recent years, there has been a growing trend of foreign investors snapping up stakes in downtrodden football teams and taking on the challenge of getting them back to the top levels.
Solana’s digital asset treasury Brera Holdings has made several plays in the pro-footballing area, owning clubs in Italy such as SS Juve Stabia in Serie B, and a host of other smaller clubs in countries such as Mongolia, Macedonia and Mozambique.
In the case of US Triestina Calcio 1918, it was one of the founding members of Serie A back in 1929. However, it has been bouncing around the lower tiers for decades and has not competed at the top level since 1958.
The capital injection from the House of Doge should come in very handy for the club, who currently sit at the bottom of Serie C, the third tier of Italian pro-football.
The club could risk dropping down to Serie C2 next season — just one tier above semi-professional football, if results don’t pick up.
Spread the Doge
The House of Doge’s stated aim is to expand the utility of Dogecoin (DOGE) to spur broader adoption and demand for the digital asset, with a recent partnership with a US hospitality payments platform inKind being a key example of this.
Related: Dogecoin ETF, explained: How TDOG lets you invest without holding DOGE
However, it’s not the first time the Doge Foundation’s financial arm has forayed into professional sport.
In March, it partnered with NTT INDYCAR SERIES driver Devlin DeFrancesco and Rahal Letterman Lanigan Racing as part of the Indianapolis 500 racing event.
The partnership saw DeFrancesco receive $100,000 worth of his Indy 500 salary in Dogecoin (DOGE) and a personal donation of $25,000 worth of DOGE to Riley Children’s Foundation in Indianapolis.
The House of Doge also hosted a competition, enabling the community to select DeFrancesco’s helmet design and race car wrap, with the helmet being auctioned off for charity after the event.
Elsewhere, the House of Doge also announced plans earlier this month to pursue a Nasdaq listing via its merger with media technology gaming platform Brag House Holdings, Inc.
“The combined entity will generate recurring and diversified revenue through integrated advanced payment infrastructure, Dogecoin-denominated merchant services, proprietary data insights, licensing, and treasury activities at a global scale,” the announcement reads.
It has also recently snagged some high-level execs, with former Booking.com chief technology officer and Citi chief investment officer Matt Swan signing on as chief digital officer.
Magazine: 5 real use cases for useless memecoins
Read the full article here
Fact Checker
Verify the accuracy of this article using AI-powered analysis and real-time sources.