French soccer team Paris Saint-Germain has announced plans that would see the club launch a new cryptocurrency, as a way of incentivising fans from around the world to get more involved with the club.
The club, which dominates the top division of the French domestic league, announced it was working with blockchain startup Socios to iron out the technology ahead of its official launch, in a process which has been labelled a ‘Fan Token Offering’.
The club is thought to be working towards a deadline of spring 2019 for launch of the tokens, which would see it become the first soccer club anywhere in the world to launch a cryptocurrency for their fans.
The tokens will not have any financial role or value, and will instead be aimed at encouraging fans to get involved in making decisions about the club – which teams the club should play in friendlies, for example, or which team jersey the team should play in.
Token owners will also be given access to exclusive opportunities, like the chance to meet players or even taking part in some matches and club events. By powering the tokens on the blockchain, PSG has said the model will be fully transparent and secure, as well as enabling token owners to vote on the decisions presented to them.
Discussing the plans, the club’s chief partnership officer Marc Armstrong said that PSG was looking forward to leveraging the benefits of cryptocurrency and blockchain technology in exploring new opportunities for the club.
“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.”
While the project represents one of the first of its kind for football clubs, several others have already taken steps towards the cryptocurrency industry.
The English Premier League has seen several clubs settle commercial arrangements with brokers eToro, including Crystal Palace, Leicester City and Newcastle United.
Similarly, European football’s governing body UEFA announced it had successfully trialled ticketing solutions on the blockchain, technology which was deployed successfully during this year’s European Super Cup fixture between Real Madrid and Atletico Madrid.