Team “Crypto” gets backing from the football industry
French soccer titan Paris Saint-Germain club (PSG) will start its cryptocurrency with Initial coin offering that intends to incentivize its fans through blockchain.
The development examines a new alliance between top French Ligue 1 club, Paris Saint Germain (PSG) and blockchain firm Socios.com based in Malta. The partnership is based on the idea that has already been working for football fans of Barcelona and Real Madrid.
PSG performs in the highest tier of France’s soccer league and has been titled as the country’s “most popular” club. It is owned by a Qatar state investment firm and keeps the record for the highest transfer fee funded with the $263 million acquisition of Brazilian football favorite Neymar from Barcelona in 2017.
Socios defines itself as a digitized, tokenized application of the “Socios” crowd-management idea of Real Madrid & FC Barcelona — “socios” means affiliate or associate in Spanish. The platform is powered by chiliZ, a sports blockchain venture, which has the support of high profile crypto players, uncluding Binance. So far chiliZ has raised $66 million in funding.
PSG’s connection with the platform will enable the club to start a Fan Token Offering (FTO) that gives fans an access to branded Saint German club tokens that provide the owners the voting rights and can also award VIP status and other rewards to its holders.
Fans will be able to vote on “cosmetic” resolutions (determining the club’s jersey color, logo and stadium music) and certain sports features (friendlies matches, Player of the Match or Month, charity line-ups, summer tours, etc.)
As elaborated Marc Armstrong, Chief Partnership Officer of PSG:
Saint Germain fan tokens will be tradable on the socios.com marketplace, against the chiliZ native token ($CHZ). The club’s token sale will take place before the beginning of the coming soccer season, but the exact date and token pricing are yet to be announced.
Alex Dreyfus, the head of chiliZ stated that while PSG is the first high-profile club to enter the initiative, the platform eventually aims to engage “hundreds of millions” of soccer supporters of many high caliber soccer clubs worldwide. He said that the platform will also help involve and educate a major demographic about digital currencies and the blockchain.
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