Paris Saint-Germain launches fan token with Socios.com

French football club, Paris Saint-Germain (PSG), has teamed with Socios.com to launch a token ecosystem.

The Fan Token Offering (FTO) is powered by sports blockchain venture chiliZ, which has the backing of the likes of crypto exchange Binance and which has raised $66 million in funding to date.

The FTO gives fans access to branded PSG club tokens which come with voting rights and also VIP status and/or rewards. Marc Armstrong, Chief Partnership Officer of PSG, says: “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 fan base.”

Fans can trade on socios.com but only against the chiliZ native token ($CHZ).

We’re football crypto crazy

Last month, Coin Rivet reported that UK-based trading platform eToro had inked a landmark advertising deal with seven Premier League football clubs.

This will be paid in Bitcoin and will see eToro become an official club partner of Tottenham Hotspur, Newcastle United, Crystal Palace, Southampton, Brighton & Hove Albion, Cardiff City and Leicester City, bringing it a range of marketing opportunities including matchday LED boards, player access, tickets and digital rights.

Newcastle United’s Head of Partnerships, Dale Aitchison, said: “We are delighted to welcome eToro to our family of high-profile commercial partners. This is a leading player in an emerging industry and we are looking forward to exploring opportunities in cryptocurrency and technology together.”

Iqbal V. Gandham, UK Managing Director of eToro, commented: “As a leading multi-asset company, we are excited to be partnering with so many Premier League clubs and to make history by being the first company ever to pay for a Premier League partnership in Bitcoin.” 

He added: “This announcement is very much the first small step on a long road to football fully embracing blockchain technology. Education will be key so that industries can understand the potential, however, the openness of these Premier League clubs to taking this first step, is very exciting for everyone. Blockchain brings transparency, which means it can improve the experience for everyone who loves the ‘beautiful game’.”