PSG Confirms Partnership With Socios To Launch Its Own Cryptocurrency

Without any doubt, the Blockchain and Cryptocurrency have made it much easier for the communities to communicate and exchange value with one another in an efficient and trustless manner. Again, cryptocurrency has hit the sports industry for good to help fans participate in the decisions of their favourite teams. The Paris Saint-Germain partners with Socios, according to the reports.

Based in Malta, Socios is a sports voting platform helps in increasing engagement between the fans and their favourite teams and players across the world.

Paris Saint-Germain (PSG), the major French soccer club, has confirmed a partnership with startup Socios with an aim to issue its own cryptocurrency, reported.

How is this partnership going to help PSG?

PSG is the first “Official Branded Cryptocurrency Partner” to join the Socios platform. Through this agreement, PSG will work in proper coordination with Socios for developing an FTO (Fan Token Offering) to incentivise participation from the team’s global fanbase. This fan token is to be listed on the platform.

With the tokens, Fans will be able to have access to the exclusive rewards, content and experiences with PSG including that they will have the opportunity to attend matches and meet-and-greet with their favourite players. As noted in the agreement, the tokens issued will also enable mobile voting rights for the users through which they can participate in PSG decisions as well.

The partnership also represents some of the team’s greater strategy for integrating with blockchain as well as improving engagement with fans and optimise business operations.

Since Qatar Sports Investments acquired PSG, it has become clear that the team is taking an aggressive approach towards its digital communication as well as marketing strategies. With the effective plan to issue its tokens by spring 2019, PSG will become the first soccer team in the world to operate a proprietary cryptocurrency.