Paris-Saint-Germain football club (PSG), French football giant is preparing to launch its own cryptocurrency with a token offering that tries to encourage its fans over a blockchain.
A new partnership has been announced between Paris-Saint-Germain and Malta-based blockchain company Socios.com. This new deal is based on the ‘socios’ concept and already exists with the fans of Real Madrid and Barcelona.
PSG is France’s “most popular” team and plays in the highest tier of the French league. The football club is owned and bankrolled by a Qatari state investment firm. The firm also keeps the record for the highest transfer price paid with the $263 million purchase of Neymar, a Brazilian football player, from Barcelona in 2017.
Socios defines itself as a tokenized, digitized form of the “Socios” crowd, management concept of Real Madrid and FC Barcelona. “Socios” implies ‘member’ or ‘associate’ in the Spanish language. The program is powered by a sports blockchain venture dubbed chiliZ. chiliZ supports high profile crypto industry players – including crypto trade Binance. chiliZ has raised $66 million in funding.
According to CCN, chiliZ CEO Alexandre Dreyfus stated that the platform was looking forward to more collaboration with other top football clubs.
“We are focusing on onboarding the biggest clubs in Europe and in the coming weeks, we will announce other big clubs who will also be joining our platform. Outside of France, our priority is clubs in the UK, Italy, Spain, and Germany.”
PSG’s partnership with chiliZ will allow the club to start a Fan Token Offering (FTO), where fans will be able to have an access to branded Saint Germain club tokens, which will come with voting rights and can also give VIP status as well as rewards to their owners.
Reportedly, fans will be ready to vote on “cosmetic” decisions (deciding the club’s jersey color, logo as well as stadium music) and certain sports aspects (MVP, friendlies matches, Player of the Match or Month, charity lin-ups, summer travels, etc).
Dreyfus has informed that the plan describes a limited token mechanism, which does not tokenize the club’s already existing corporate structure. However, it focuses on encouraging and monetizing fan engagement as well as experiences via crypto. Chief Partnership of PS Marc Armstrong uttered:
“Paris Saint-Germain is determined to leverage the opportunities that cryptocurrency can provide. This revolutionary technology will have an important impact on the club’s overall business strategy and the way we engage with our fanbase”,
Supposedly, Saint-Germain fan tokens will be convertible on the socios.com marketplace – only against the chiliZ original token ($CHZ). The club’s Fan Token offering will take place before the coming football season. However, the date and token pricing have not revealed.
Dreyfus stated that although PSG is the first high-prestige club to join the initiative, chiliZ aims to involve “hundreds of millions” of football fans of various quality football clubs worldwide. Dreyfus also explained that chiliZ will help absorb and educate a significant demographic about crypto and blockchain.
ChiliZ’s CEO Dreyfus is known for bringing a number of crypto companies to Malta in Malta Blockchain – including Binance. Additionally, he is also associated in the Malta Blockchain Campus, currently under construction, in the growing town of Sliema. The Malta Blockchain Campus also aims to gather blockchain and crypto companies under one roof.
Author: Berna Bayindir
Photo Credit: ShutterStock