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PSG ready to Lunch it own Cryptocurrency

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Paris Saint Germain
French footballing giants Paris Saint-Germain is reportedly launching its own cryptocurrency announced a new partnership with Socios.com backed by Chiliz, a blockchain company based in Malta.

In a statement announcing the deal on Tuesday, Qatar-owned PSG did not reveal the length of the agreement or how much money they will make from it, according to the report gathered, a source told AFP they expected it to be worth "several million euros".

Socios.com describes itself as a "tokenized football fan voting platform", with the title derived from the Spanish name given to members of La Liga giants Barcelona and Real Madrid.

The idea is to allow PSG fans to buy tokens that allow them to vote in online club surveys.

Socios.com's own website says it gives "fans access to club branded fan tokens that come with voting rights and access to VIP level club rewards and engagement opportunities".
The team behind it has raised more than $66 million in financing so far.

The CEO of chiliZ Alexandre Dreyfus says his company's idea is to "reinvent... In more of a 2.0 style" the concept of the "Socio", which in Spain means allowing fans to be directly involved in club decision-making by essentially making them shareholders.

However, rather than being involved in a key strategic decision, PSG supporters are likely to be paying to have their say in more anecdotal decisions, starting with "early next season". These could include issues like selecting the design of the team's jersey, Music, Logo Stadium.

Blockchain, the system that moves chunks of data securely through an online ledger, has been put into growing uses from medical records to banking and most prominently as the tool behind cryptocurrency Bitcoin.

PSG claim that beyond the monetization that would be derived from the sale of the tokens, what is the objective of this venture?
For us, the interest comes from the level of engagement with fans, in the manner in which we can offer them a better experience," Armstrong says.
"Not just those who attend matches but those in Asia, in the United States, and in all four corners of the planet."

Dreyfus is known for his contribution to the Malta Blockchain as he played a significant part in bringing a number of crypto companies to Malta. according to reports, Dreyfus is also involved in Malta Blockchain Campus which is currently under construction in Sleima.

The campus will work towards bringing companies dealing in crypto and blockchain under on eroof .but it is not sure when the campus will be fully functional but Dreyfus is confident that the recent collaboration will improve the scope of blockchain and cryptocurrency worldwide.


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