Paris Saint-Germain (PSG) is set to become the first football club to launch its own token ecosystem. The French soccer club would partner with Socio.com, a Malta-based blockchain startup to issue its own cryptocurrency for its fans.
The endeavor is aimed at rewarding the club’s loyal fans. As per the plan, PSG loyal fans will have the opportunity to buy “fan tokens offering (FTO)” which they can use to vote on the club’s decisions and also to gain special fan contents. PSG’s fans will vote on decisions including stadium music, logo designs, and uniform color choices, alongside the player of the match, most valuable player and friendly match lineups.
According to a statement on PSG’s official website said: “The partnership forms part of the club’s broader strategy to integrate blockchain technology, to enhance its relationship with fans and business operations.” Through Socios.com, transactions will be fully digital, secure, transparent and entirely connected to the real fan experience.”
Also as reported by Citron Press, a French online newspaper, PSG hopes to finalize the FTO project and start issuing out its proprietary tokens before the end of Spring 2019.
Socio which works on ‘chiliZ’ – a sports blockchain ventures has gathered support from high-profile crypto industry players such as Binance. The blockchain venture has also raised about $66 million in funding to date, according to its CEO Alexandre Dreyfus.
While the plans would allow the club to engage more with its fanbase, PSG’s club chief partnership officer, Marc Armstrong said that his club is determined to leverage the opportunities that cryptocurrency can provide.
He further stated that using blockchain technology will have an important impact on the club’s overall business strategy.
For some time now, cryptocurrency has been gaining increasing interest in football circles, Etoro announced that it has signed Bitcoin (BTC) advertising deal with seven football clubs in the English Premier League.