The biggest French football club plans to launch its own cryptocurrency


Paris Saint-Germain (PSG), a great French soccer team in the top flight in the country, plans to issue its own cryptocurrency as a way to encourage the participation of its fans around the world.

The PSG, which boasts prominent players, including the Brazilian star Neymar, announced Tuesday a multi-year partnership with a blockchain startup in Malta called Socios that will address the technology for the so-called Fan Token Offering.

According to a French news site, PSG is now looking forward to the spring 2019 deadline to begin publishing its proprietary tokens, making it potentially one of the first football clubs anywhere.

Instead of a monetary role for the PSG currency, the goal is to allow fans who hold the token to be able to vote and decide on less strategic issues, such as team shirt choices or opponents in friendly matches, according to the report.

Ownership of tokens will also allow fans to access more exclusive offers such as meeting with players or participating in certain games, the report added.

By adopting the blockchain as a core technology for issuance, PSG said that hope is to make the electoral process more secure and transparent, with publicly visible transactions.

The chief analyst of the PSG, Marc Armstrong, commented in the announcement:

"Paris Saint-Germain is determined to take advantage of the opportunities that cryptocurrency can offer.This revolutionary technology will have a major impact on the overall corporate strategy of the club and how we interact with our fans."

With the news, the PSG follows other European football clubs to embrace the idea of ​​blockchain and cryptocurrency.

CoinDesk reported last month that seven major British Premier League clubs, including Newcastle United, Crystal Palace and Leicester City, have signed an agreement with eToro online investment company to allow bitcoin sponsorship payments.

And, in August, the Union of European Football Associations (UEFA) said it had completed a "successful" test of a blockchain-based ticketing application for a match between two Spanish clubs.

Image of the PSG jersey via Shutterstock

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