French soccer giant Paris Saint-Germain football club (PSG) will launch its own cryptocurrency with a token offering that aims to incentivise its supporters over a blockchain.
The development sees a new partnership between top French Ligue 1 club, Paris Saint Germain (PSG) and blockchain company Socios.com which is based in Malta. The partnership is based on the ‘socios’ concept that already exists between football fans of Real Madrid and Barcelona.
PSG plays in the highest tier of France’s soccer league and has been hailed as the country’s “most popular” team. The club is owned and bankrolled by a Qatar state investment firm and holds the record for the highest transfer fee paid with the $263 million purchase of Brazilian football star Neymar from Barcelona in 2017.
Socios describes itself as a digitised, tokenised form of the “Socios” crowd-management concept of Real Madrid & FC Barcelona — “socios” means member or associate in Spanish. The platform is powered by a sports blockchain venture dubbed chiliZ, which has the backing of high profile crypto industry players that include crypto exchange Binance. chiliZ has raised $66 million in funding to date, according to sources.