Paris Saint-Germain Football Club (PSG), the largest football club in France, has revealed plans to launch its own cryptocurrency.
Introducing the partnership with Socios.com
The football giant would be entering into a new partnership with Socios.com, a blockchain company based in Malta. The launch of the digital currency with an ICO geared towards the supporters of the club. This recent development has been part of ongoing plans to reward and incentivize fans.
Bringing fans onto the blockchain
The ‘socios’ construct was started by Spanish footballing clubs Real Madrid and Barcelona. The construct allows supporters to influence certain club decisions and brings the fans into the dealings of the club.
While the fan-club relationship in the Spanish giant clubs is more liberal, decisions taken by PSG supporters would be less strategic and more anecdotal or cosmetic instead.
PSG, known for their huge financial clout, play football (soccer) in the highest tier of French football (Ligue 1) and was revealed to be the most popular team in the country last year by an online poll. The club which is owned by a Qatar state investment firm shattered records in 2017, when it signed famous Brazillian Star, Neymar Jr. for $263 million, making the transfer officially the highest purchase of a sports player till date.
Socios on its official website describes itself as a tokenized and digitized form of the “Socios” crowd-management concept of Spanish football giants Real Madrid & FC Barcelona; which is fairly intuitive, considering the translated meaning of the word “socios” suggests a “member” or “associate.”
Everything is powered through chiliZ
Blockchain venture chiliZ has been the engine of the fan platform, Socios, and has gained significant traction and clout in its few years of being established. The venture has the support of notable crypto industry players like Binance and has reportedly garnered more than $60 million in funding.
Alexander Dreyfus, the founder of Socios.com and current CEO of chilliZ, communicated the platform’s desire to expand. Whilst PSG is the first popular club to onboard the program, Dreyfus explained that the platform is still expanding. He said:
“We are focusing on boarding 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’s first token offering would not be taking place in the ongoing season which began this August. Instead, it would surely kick off before the commencement of the next football season.