House of Doge, the trading arm of the Dogecoin Foundation, has acquired a majority stake in a historic but struggling Italian professional soccer team.
In an announcement on Monday, House of Doge, along with merger partner Brag House Holdings, Inc., has become the “largest equity holder” in Triestina Calcio American 1918, as part of its mission to support projects that “hold societal and cultural significance and long-term value.”
“The investment in US Triestina 1918 represents Dogecoin’s most ambitious move into European football, putting the House of Doge at the forefront of integrating digital assets with traditional sports,” it said in a statement.
As part of the move, House of Doge will provide US Triestina Calcio 1918 with new capital to help develop the club’s football operations and community initiatives.
It will also see the introduction of cryptocurrency integrations within the club, for aspects such as enabling cryptocurrency payments for “tickets, concessions and merchandise at home fixtures.”
“The aim is to deliver a modern payment structure that enhances the matchday experience and supports the club’s financial flexibility, while at the same time bringing more utility to Dogecoin,” the announcement read.
If the House of Doge can help the club return to its former glory, there will likely be a lot of eyeballs on the Doge, with an average of between three and six million local viewers said to tune into Serie A matches.
The Italian football team is in danger of falling down the pyramid
Over recent years, there has been an increasing trend for foreign investors to purchase real estate Shares In downtrodden football teams and facing the challenge of getting them back to the top levels.
Solana’s digital asset treasury company Brera Holdings has made several plays in football, 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 in 1929. However, it has been bouncing around the lower levels for decades and has not competed at the top level since 1958.
The capital injection from House of Doge should be very beneficial for the club, which currently sits at the bottom of Serie C, the third tier of Italian football.
The club could risk relegation to League Two next season, just one level above semi-professional football, if results do not improve.
Spread Doge
The stated goal of the House of Doge is to expand the utility of Dogecoin (DOGE) to stimulate broader adoption and demand for digital assets, with partnership With US hospitality payments platform inKind being a prime example of this.
Related to: Dogecoin ETF Explained: How TDOG Lets You Invest Without Holding DOGE
However, this is not the first time the financial arm of the Doge Foundation has forayed into professional sports.
In March, that is a partner With NTT INDYCAR SERIES driver Devlin DeFrancesco and Rahal Letterman Lanigan Racing as part of the Indianapolis 500 race event.
The partnership saw DeFrancesco receive $100,000 worth of his Indy 500 salary in Dogecoin (DOGE) and a personal donation of $25,000 from DOGE to the Riley Children’s Foundation in Indianapolis.
The House of Doge also hosted a contest, enabling the community to choose the design of DeFrancesco’s helmet and race car cover, with the helmet auctioned off for charity after the event.
Elsewhere, House of Doge also announced plans earlier this month to pursue a Nasdaq listing through 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 on a global scale,” the announcement read.
Some high-profile executives have also fallen through the cracks recently, 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
The post House of Doge Buys Italian Football Club first appeared on Investorempires.com.
