Cryptocurrency News Today – Headlines for June 25

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  • Barca Fan token sale began on Monday
  • FC Barcelona’s token sale reached $1.3M in less than 2-hours
  • $770,000 worth of tokens were bought in less than two minute

Cryptocurrency News Today – according to reports making rounds in the digital asset space, supporters of the premier soccer Spanish club FC Barcelona have acquired well over $1.3 million in Barca Fan tokens. The tokens are designed to give fans greater input in the running of the football club. $BAR or Barca Fan Tokens is a way for supporters to be more involved in the club’s financial dealings. Fans of Barcelona bought either their $BAR tokens through the club’s “Socios” (a voting platform designed for this purpose) or through Chiliz. Chiliz is a sports-specific token network. The token sale has been a huge success after accumulating huge amounts in sales in under two hours.

FC Barcelona is Partly Managed by Socios

The soccer team is, partly managed by some paying supporters known as socios. The token went on sale on Monday at d 11:00 UTC, with more than 600,000 tokens sold out at €2 each. The token sale finished in just two hours. By Wednesday, the price of the coin had shot up to €6. It saw a volume of $2.5 million traded in only 24-hours. With more than 300 million supporters around the globe, FC Barcelona is arguably one of the most popular and successful soccer clubs in the world. The club is also among the wealthiest clubs in the world. It reportedly overtook major rival Real Madrid following a year where it generated $959.3 million in revenue. This was during the 2018/19 football season.

$770,000 Worth of Tokens Were Bought in Under Two Minutes

Shortly after FC Barcelona’s token sale ended, Alexandre Dreyfus, the CEO of sports-specific token network Chiliz, made a tweet on the details of the token sale. According to him more than $770,000 worth of the Barca Fan Token had been bought from their platform in just under two minutes which is an amazing achievement. Initially unveiled in February this year, the token is designed to promote fan engagement in the club’s dealings.

Staying true to FC Barcelona’s unique governance structure, the club’s supporters can now earn tokens when they participate in surveys and polls. These tokens can be used to buy merchandise and enjoy other club experiences. According to FC Barcelona via its website, the initial poll will give the club’s supports the option to decide the design of the first team locker rooms’ mural. We understand that there will be other features (such as a token trading platform), in the future.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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