Paris Saint-Germain (PSG) Football Club Soon To Launch Its Own Cryptocurrency

Paris Saint-Germain (PSG) Football Club Soon To Launch Its Own Cryptocurrency

Paris Saint-Germain (PSG), a renowned football club is reportedly launching its own cryptocurrency. Development is in line with PSG’s efforts to incentivize the group’s supporter of the blockchain. The new cryptocurrency is expected to develop in collaboration between PSG and Malta-based blockchain firm Under the speculated partnership, the parties will adopt ‘socios’ concept, which is already famous between the fan followers of Real Madrid and Barcelona.

The Socios describes itself as a high-tech digitized company which is a tokenized form of a crowd-management concept of FC Barcelona & Real Madrid. The socios platform is backed by chiliZ, a sports blockchain venture which is further backed by high profile crypto industry players that deals in blockchain/crypto such as Binance. Although chiliZ is a new venture, despite that it has gathered a funding of $66 million till now, as per sources.

The CEO of chiliZ Alex Dreyfus in an interview with CCN said that the Socios was on the look for collaboration with the top soccer club. Dreyfus further hinted at the plans stating that socios is considering collaboration with big football clubs in Europe. Socios has further planned to collaborate with football clubs outside France such as clubs in Italy, Spain, UK and Germany.

The collaboration between PSG and Socios will introduce a Fan Token Offering (FTO) providing an access to the tokens of Saint German club with the right to vote as well as an opportunity to get VIP status. The fans will have their own right to a certain cosmetic decision. For instance, they will have the right to vote on decisions pertaining to club costume, music, logo, and stadium.

Paris Saint-Germain (PSG) Football Club Soon To Launch Its Own Cryptocurrency

The move is in line with PSG’s efforts to incentivize the engagement of the fans and allow them to experience cryptocurrency. Marc Armstrong, the Chief Partnership Officer further explained that PSG is focused on using the opportunity that cryptocurrency provides. He further added that the latest technology adoption will influence the overall working of the club and will help improve the club’s fan base.

PSG will offer the tokens through the Socios platform. However, the fans will be able to buy the tokens only through $CHZ which is the chiliZ native token. The scheme is likely to take place before the onset of the upcoming soccer session. However, the exact date for the availability of tokens is not revealed.

The PSG club is the first one to join Socios, the platform that aims to add hundreds of such high-profile members across the globe, according to Dreyfus. The Socios platform will be used to engage and educate more and more of people about blockchain and cryptocurrency reported CCN citing Dreyfus.

Dreyfus is known for his contribution in the Malta Blockchain as he played a significant part in bringing a number of crypto companies to Malta. According to reports, Dreyfus is also involved in Malta Blockchain Campus which is currently under construction in Sleima. The campus will work towards bringing companies dealing in crypto and blockchain under one roof. It is not sure as for when the campus will be fully functional but Dreyfus is confident that the recent collaboration will improve the scope of blockchain and cryptocurrency worldwide.