One of the most famous French professional football club, Paris Saint-Germain (PSG), has decided to launch their cryptocurrency after announcing their new partnership with a Malta-based blockchain company, Socios.com.
PSG announced in a statement that the deal would happen on Tuesday. They didn’t, however, reveal the agreement length or the amount of money they will make from it. It’s estimated to be worth several million Euros.
Socios.com claims itself as a “tokenised football fan voting platform”. Their title is derived from the Spanish names given to the members of Real Madrid and La Liga giants Barcelona.
Socios.com allows you to use the branded tokens you get from your favourite team as your license to vote on club matters. You can also unlock club-specific rewards and VIP experiences by engaging with the platform. This engagement allows their fans to be shareholders essentially.
The PSG head of sponsorships, Marc Armstrong, stated their intentions to release rewards, exclusive content and many other things through this partnership. The purpose behind the launch of their cryptocurrency is to allow PSG fans to vote in online club surveys by purchasing tokens.
The CEO of Socios.com, Alexandre Dreyfus, announced that their company’s idea is to reinvest in a better-upgraded style.
The PSG won’t have any involvement in key strategic decisions. It’s very likely that they are going to be involved in anecdotal choices. These could comprise of problems such as determining the team’s jersey design.
Thanks to the blockchain, they are only going to release a finite number of club-stamped tokens in the case of PSG. The price of the tokens is still undecided. Dreyfus mentioned that it is expected to be very cheap as it is marketed to as many people as possible.
Armstrong says that the objective of their venture is to form a level of engagement with their fans around the world, in a manner where they can offer them a better experience.