While nations and companies are working on creating their own cryptocurrencies, the sports industry is not left behind as French football club Paris Saint-Germain (PSG) has announced its decision to launch its own cryptocurrency.
A top club in France and also the “most popular”, PSG is working with Socios.com, a Malta-based blockchain company to launch a “Fan Token Offering” (FTO) that enables fans to use customized tokens that may hold rewards for them and give them a stake in the club to improve fans’ experience.
According to sources, the FTO can be traded against $CHZ, a native token belonging to a powerful sports blockchain venture chiliZ, the company that supports Socios.
Speaking on the project, Marc Armstrong the Chief Partnership Officer of PSG said:
“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.”
He further stated that the club said the club is not stopping at creating its own token and improving the experience of its fans alone but also looks forward to working 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 is said to be the most successful football club in the world and this is evident by the fact that it is the only club that ever “bought” a player, Neymar from Barcelona for $263 million last year.
The club PSG is owned by Qatar Sports Investments, a company that took over the clubs ownership since 2011, a transition that made it one of the richest clubs in the world and the richest in France. It also has a net worth of €825 million, making it the eleventh richest club in the world.
Although it is not certain yet, PSG’s FTO is expected to be released before the next coming football season.
ChilliZ CEO Alex Dreyfus who is also a major player in the cryptocurrency industry in Malta has expressed optimism that the initiative of creating a cryptocurrency by such a popular and successful football club will greatly increase the popularity of cryptocurrency and blockchain technology among the large number of the club’s fans.