Paris Saint-Germain Plans to Launch Cryptocurrency

Paris Saint-Germain Plans

French soccer giant Paris Saint-Germain football club (PSG) will launch its own cryptocurrency with a token offering that aims to incentivize its supporters over a blockchain. PSG announced it entered a multi-year partnership with Socios.com, a blockchain platform, but the exact date and pricing have not yet been announced.

Paris Saint-Germain will work with Socios.com to develop a blockchain strategy that uses blockchain technology to strengthen and develop fan engagement. The club plans to issue tokens to its fans in the form of “Fan Token Offering (FTO)” before the spring of 2019. Fans will reportedly be able to vote on decisions, such as choosing jersey colors, friendly match opponents, and “cosmetic” decisions. Token holders will also receive different exclusive offers, such as meeting players or participating in certain competitions.

Paris Saint-Germain hopes to use blockchain technology to make the voting process safer and more transparent, as the transactions are open and visible. Marc Armstrong, director of PSG’s partner division, said that he is determined to take advantage of the opportunities offered by cryptocurrencies, as this technology will have a major impact on the overall business strategy of the club and how it interacts with fans.

The team behind the Socios.com platform is blockchain company Chilliz, and CCN quoted sources as saying that the company has raised $66 million USD to date. Company CEO Alex Dreyfus said that the platform looks forward to furthering cooperation with other top clubs. “In the coming weeks, we will announce that other big clubs will also join our platform.” Although PSG is the first club to join the program, the ultimate goal of the platform is to attract hundreds of millions of fans from many high-level clubs around the world. It is reported that PSG tokens will be traded on the Socios.com market, but only with Chiliz native tokens ($CHZ).