Paris Saint-Germain is the latest professional sports club league to integrate blockchain technology into the organization. Blockchain startup Socios will become the “official branded cryptocurrency partner” of the professional sports club, using the blockchain to bring fan interaction to a new level.
PSG is taking a pioneering role as the maiden club to partner with the Socios platform. Nonetheless, the blockchain is becoming increasingly popular across the sports arena, including football clubs and other teams. Some players will even be compensated proportionally in cryptocurrency. At other clubs, fans can purchase merchandise or tickets with bitcoin or Ethereum, for instance.
Meanwhile, what would a blockchain partnership be without a new cryptocurrency? Socios and Paris Saint-Germain will collaborate to launch a Fan Token Offering (FTO), which will be designed for fans of the football club. The coin will be built on the Socios platform. It will give fans the opportunity to engage with the team by voting with their mobile device, for instance. Other use cases include access to exclusive rewards, content and experiences for token holders.
The blockchain ensures that transactions made on the Socios platform are secure and transparent. According to Paris Saint-Germain Chief Partnership Officer Marc Armstrong:
“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 Founder and CEO Alexandre Dreyfus cheered PSG’s decision to set a standard for sports clubs everywhere, saying:
“We admire the Club’s vision in being the first club in world football to adopt this new technology and set a new standard in fan engagement.”
PSG may be the first professional football club to team up with Socios and the blockchain, but chances are they won’t be the last.