10:39 | 06.02.24 | News | 6525

Fastex to Provide up to 5 Million $FTN to the “Olympionic” Sports Foundation

Armenia’s Ministry of Education, Science, Culture, and Sports, “Olympionic” sports charitable foundation and Fastex will cooperate.

The purpose of this cooperation is to promote the growth and development of sports in Armenia, to improve the competitiveness and the living conditions of athletes, and to encourage the growth of victories recorded in the field of domestic sports.

According to the agreement, Fastex will be providing up to 5 million FTN (Fasttoken) to support the athletes and coaches who won from the 1st to the 3rd places in the Olympic, Paralympic, Sword Olympic Games, sports included in the program of the Olympic Games, as well as international tournaments not included in the Olympic Games, such as sambo wrestling, international checkers, wushu and chess.

Fastex reported that the 5 million $FTNs have been segregated from the total supply and securely frozen on the blockchain until 2030. The 5 million $FTNs will be methodically unblocked in accordance with a predefined pattern, as detailed in the smart contracts. This strategy encourages a controlled and transparent allocation of funds to beneficiaries' digital wallets.

“It is a world-known practice to involve diverse sponsors who will solve issues that are not included in the scope of issues under the state’s care. We already have a preliminary agreement with Fastex and our negotiations are at a very practical stage. In the very near future, we will sign a memorandum, after which a tripartite agreement will be signed between Armenia’s MoESCS, “Fastex” and “Olympionic” foundation. Subsequently, we will have the opportunity to provide very quick and specific solutions to many problems,” said Karen Giloyan, Deputy Minister of the Ministry of Education, Science, Culture and Sports of the Republic of Armenia.

“We realize the importance of encouraging the development of domestic sports and by encouraging the victories of our athletes, we aim to further emphasize their achievements and awards for the development and history of sports of the Republic of Armenia,” said Vigen Badalyan, co-founder of Fastex.

“The partnership will have a long-term and strategic nature, within which Fastex will finance various sports directions, encouraging both existing athletes and the training of the new generation," said Vakhtang Abrahamyan, the chief executive officer of Fastex.

The Ministry of Education, Science, Culture and Sports and the “Olympionic” sports charitable foundation have committed to make all efforts to achieve the goals defined in the memorandum.