Two Partners Align on a Shared Vision for Tokenized Esports
They realized they were drawn to the same destination and chose to walk the path side by side. BelobaA is a regulated crypto investment fund launched in 2020 to back business models where technology makes sense. With one million euros in the capital of the leading mobile esports club Team Queso, they are backing a mobile game that reaches players on smartphones. Both leaders firmly believe that esports will be a major form of entertainment in the years ahead and they intend to be at the forefront of that movement.
What unites BelobaA and Team Queso is a shared emphasis on tokenization, primarily to enhance security, raise capital, and fund growth. Álvaro González, co-founder of Team Queso, notes, “The paths found each other and the match was very good.”
The concept of tokenization refers to applying data security to convert an asset into a digital token that can be moved, stored, or recorded on a blockchain. In practice, it means a decentralized system that reduces middlemen and gives power to users to manage assets themselves.
The gaming and esports sector is expanding, and blockchain technology is reshaping how business is conducted, says Lluís Mas, founder of Belobaba. Beyond simple investment, Belobaba plans to bring its experience in decentralized finance by launching what is described as a regulated security token fund—an early hedge fund structure built on tokenized assets.
Earlier this year, the esports club began a funding round by issuing security tokens that grant investors access to up to 20 percent of the company. Belobaba led the round. González explains, “The entry fee for a small investor was 1,000 euros.”
Belobaba and Team Queso’s blockchain division, TQ Olympo, see their collaboration as a forward-looking model for tokenizing esports and broadening access to blockchain games for both investors and fans. González highlights a central challenge and opportunity: monetizing the fan base in meaningful ways.
Team Queso’s leadership estimates a 60 percent free cash flow split, with the remaining 40 percent reinvested in projects and new opportunities. In a conservative projection, they anticipate a double-digit return range, with potential of 23 to 27 percent, depending on market conditions.
New Business Lines
The joint venture will open the door to a global community of mobile gaming teams, creating a spectrum of collaboration opportunities. Possible activities include cross-promotions, education on gaming, esports, blockchain, and cryptocurrencies, and the creation of a venture-capital space for co-investment in new tokenized gaming projects. Over its five-year history, Team Queso has participated in seven world championships, captured the Clash Royale world title in 2020, and currently holds the League of Legends Super League crown.
With capital from Belobaba, the esports club plans to develop various club segments, produce content, and invest in technology. The leadership notes a willingness to take early steps—having started mobile game competition before many others, launching an in-house audiovisual production team, and designing their own games. The crypto initiative represents a natural extension of that momentum, combining finance with fan engagement.
Team Queso also aims to add value for its community beyond entertainment by offering free training to investors and establishing a blockchain-games research team to support professionalization in this rapidly evolving space, along with ongoing development from the creators themselves.
In this view, Team Queso’s co-founder emphasizes similarities with major media brands rather than traditional sports clubs, arguing that competition fuels a broader entertainment ecosystem and opportunities for growth across formats and platforms.
Looking ahead, the two leaders see limitless potential. They acknowledge that while they are not setting strict limits, neither can they predict every destination. The opportunity is vast, and they intend to seize a prominent share of it across the business model’s many facets.