PSG Football Club Launches Crypto Token

The Paris Saint-Germain football club has announced that it will be launching its own crypto token. The French soccer giant has also said that it will be launching the Crypto token through an offering that will be aimed at incentivizing its supporters.

PSG Partners With Blockchain Company

This new development will see the French soccer giant partner with Socios.com, a Blockchain company based in Malta. This collaboration is built on the idea of Socios which Real Madrid and Barcelona fans already believe in.

PSG currently is the upper echelon when it comes to French soccer and it has been termed as the nation’s most-preferred team. The soccer team is owned and financed by a Qatari investment firm and currently has the record for the highest amount paid for a player, $263 million for Neymar in 2017.

Fan Token Offering

Socios makes itself known as the digitized and tokenized reflection of the Socios concept that many Real Madrid and Barcelona fans subscribe to, the meaning of which is member or associate. The announcement states that the platform will be based on the sports Blockchain called the ChiliZ. This Blockchain venture enjoys the support of some of the most prominent players in the crypto sphere including Binance and has reportedly fund raised more than $66 million.

Alex Dreyfus, the ChiliZ CEO, has said that the platform is already anticipating the opportunity to work with many other soccer clubs. He said that as a company ChiliZ was looking forward to bringing on board some of Europe’s largest clubs in the near future. He added that they are also looking to bring on board foreign clubs from Germany, Italy, Spain, and the UK and will be announcing the clubs that will join the platform.

Through the partnership, PSG will be able to organize an FTO (Fan Token Offering) which will allow fans to acquire branded PSG tokens which will not only give them the right to vote but also grant benefits to the holder such as VIP status and other rewards.

Fans To Vote On The Blockchain

Through the club’s token, it has been reported that fans will be able to make their opinion count when it comes to matters cosmetic for the club. Some of the cosmetic decisions that fans will be able to influence include the club’s jersey, logo, music etc. apart from cosmetics, fans will also have the opportunity to decide on some sports aspects such as the player of the match, charity line-ups, friendlies etc.

It has been clarified that this initiative will only use a limited token with the main aim of it being to monetize and incentivize fan engagement and not to leverage the club’s corporate structure. The club’s Chief Partnership Officer, Marc Armstrong said that PSG was looking to leverage the opportunities which digital coins come with adding that it will not only improve its business strategy but will also help the club improve its engagement with its fanbase.

Dreyfus has said that they are looking forward to having more high profile soccer clubs join the platform and that through this they will be able to educate more people about Blockchain and Crypto.