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French Soccer Giant to Launch its Own Cryptocurrency

Paris Saint-Germain F.C., better known as PSG, is set to launch its own cryptocurrency. Their major objective is to motivate loyal fans and supporters around the world over a blockchain.

PSG will be partnering the Malta-based blockchain startup company Socios.com in a multi-year deal. The word “socios” refers to “associate” or “member” in Spanish.

Following the announcement, here is what PSG’s chief partnership officer Marc Armstrong has to say about their upcoming cryptocurrency: “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.”

Socios.com is powered by a sports blockchain venture known as chillZ. To date, it has gained a whopping $66 million worth of funding and known to have strong support from top crypto industry players such as the crypto exchange Binance.

Alex Dreyfus, CEO of chillZ, has recently spoken to CCN about their collaboration with other top soccer clubs. He said, “We are focusing on onboarding the biggest clubs in Europe and in the coming weeks, we will announce other big clubs who will also be joining our platform. Outside of France, our priority is clubs in the UK, Italy, Spain and Germany.”

The partnership between PSG and Socios.com will include the initiation of a technology known as the Fan Token Offering (FTO), which operates in a non-monetary gain. The technology is to grant access to PSG fans including voting rights (e.g. Team jersey choices of colour and logo), as well as exclusive offers like meeting with soccer players or even take part in certain matches.

PSG, which currently boasts a notable all-star trio including Brazil’s Neymar, France’s Kylian Mbappe and Uruguay’s Edinson Cavani, has previously won a total of 7 Ligue 1 title beginning from 1985. The club has also won three different domestic title records including Coupe de France (12), Coupe de la Ligue (8) and Trophee des Champions (8).