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Football club launching its own Cryptocurrency

Football club launching its own Cryptocurrency

September 12, 2018 6:18 am,

One of the world’s wealthiest Football club Paris Saint- Germain (PSG) will launch its own Cryptocurrency. The launch is scheduled for spring 2019.

PSG plays in the highest tier of France’s soccer league and has been addressed as the country’s “most popular” team.

There will be a partnership between top French Ligue 1 club, Paris Saint Germain (PSG) and Blockchain Company which is based in Malta. The partnership is based on the ‘Socios’ concept that already exists between football fans of Real Madrid and Barcelona.

Socios describes itself as a digitized, tokenized form of the “Socio” crowd-management concept of Real Madrid & FC Barcelona — “socios” means member or associate in Spanish. The platform is powered by a sports Blockchain venture dubbed chiliZ, which has the backing of high profile crypto industry players that include crypto exchange Binance. Through, transactions will be fully digital, secure, transparent and entirely connected to the real fan experience.

PSG’s partnership with the platform will allow the club to launch a Fan Token Offering (FTO) that gives fans access to branded Saint German club tokens which come with voting rights and can also confer VIP status and/or rewards to their holders.  The PSG faithful will be able to purchase “tokens” and then use them to vote on club decisions, as well as gain access to special fan rewards and content. Fans will have their say on issues such as the organization of friendly matches and the choice of kit design.

The Fan Tokens will be tradable on the marketplace, but only against the chiliZ native token ($CHZ). The tokens will be available directly on the Socios application or by acquiring tokens on the ChiliZ Blockchain platform, which can then be converted into PSG currency.  The price of tokens has yet to be fixed but will be around €1 (US$1.16), according to Capital. There will be rules to prevent wealthier supporters from having undue influence on voting through tokens.

The plans of launching its own Cryptocurrency would allow the club to engage more with its fan base.