Real Time Cryptocurrency News & Analysis

PSG partners with blockchain start-up to create its own crypto token

Share this article!

One of Europe’s biggest football clubs, Paris Saint-Germain (PSG), has partnered with a blockchain start-up in a bid to become the first football club to issue its own crypto token.

According to a September 11 press release, PSG has teamed up with Malta-based blockchain start-up Socios, as part of the club effort to leverage the technology to “enhance and evolve its fan engagement”. Under the terms of the agreement, Socios and the club will collaborate on the “world’s first Fan Token Offering (FTO) for the Paris Saint-Germain fanbase”.

The fan token will become available to the PSG fanbase through the Socios platform. Token holders will have access to exclusive fan rewards, content and experiences. More interestingly, they will also have access to a mobile voting and polling platforms. These platforms will allow them to have a say in some of the club’s less strategic matters, industry website Coindesk noted, citing reports from the French press. These matters may reportedly include team jersey choices or opponents in friendly matches.

“Always at the forefront of digital innovation, Paris Saint-Germain is determined to leverage the opportunities that cryptocurrency can provide,” Marc Armstrong, chief partnership officer at PSG, said in a statement. ‘This revolutionary technology will have an important impact on the Club’s overall business strategy and the way we engage with our fanbase. We are very pleased to welcome in the Paris Saint-Germain family.

Alexandre Dreyfus, founder and chief executive officer of Socios also welcomed the development, adding that his company admired “the Club’s vision in being the first club in world football to adopt this new technology and set a new standard in fan engagement”.

Other European football clubs have also made steps to endorse blockchainand crypto. As Coindesk recently reported, seven clubs in the English Premier League signed a deal with online investment firm eToro to allow sponsorship payments in Bitcoin (BTC).

Add Comment

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.