Paris Saint-Germain to launch ‘fan token offering’
Paris Saint-Germain (PSG), the French Ligue 1 football club said it was partnering with blockchain platform Socios.com to launch a digital token platform for “fan engagement”.
The Socios.com platform is powered by a sports blockchain venture called ChiliZ, backed by crypto exchange Binance and a number of other crypto-industry investors.
PSG’s partnership with Socios.com is aimed at launching a “Fan Token Offering” (FTO) – similar to an initial coin offering (ICO) but not intended to alter the club’s corporate structure.
The FTO will apparently give fans access to branded PSG club tokens that come with voting rights to certain “cosmetic” decisions – such as football strips, stadium music and man of the match.
In a press release, chief partnership officer at PSG Marc Armstrong, said: “Paris Saint-Germain is determined to leverage the opportunities that cryptocurrency can provide. This revolutionary technology will have an important impact on the club’s overall business strategy and the way we engage with our fanbase.”