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Yesterday, TechFinancials, listed on the stock exchange in the United Kingdom, announced that it is investing in a new blockchain startup with Footies Tech, the football (soccer) sales platform. The goal is to tackle the secondary market of football tickets because fans end up paying in excess, while the ticket issuer does not inevitably earn a cut from scaled prices. By monitoring the ticket property, blockchain allows more control over ticket resale.
Footies is chaired by Ian Ayre, former CEO of the UK Premier League football team, Liverpool. He is currently CEO of the Major League Soccer club in Nashville.
The agreement is to create a new company "for the development of a proof of concept [PoC] agreement between NewCo and a European football team. "It is unclear whether there is a particular football team that has accepted the PoC TechFinancials will invest up to $ 500,000 for 75% of NewCo Footies Tech will hold the remaining 25%.
TechFinancials has also agreed to license its technology for free to reduce development time.
Both football and tickets have attracted blockchain activity. Two months ago, Ticketmaster acquired the sports ticketing app. Starting Blockchain The GET protocol specializes in ticketing, but not in sports. And UEFA uses a blockchain app for certain football matches to prevent counterfeiting.
It is also a move by Socios to launch "Fan Token Offerings" to encourage fan engagement, as opposed to ticket sales. So far the French football team Paris Saint. The German and German icon of Juventus has registered.
TechFinancials and Cyprus
TechFinancials is listed on the AIM small cap market in London with a market capitalization of 7.6 million dollars and a turnover of 2017 of 13 million dollars.
The company owns 2% of the CEDEX blockchain platform recently launched for the diamond. It has an option to acquire an additional 90% of the CEDEX holding company. Cedex conducted an ICO in March collecting more than $ 20 million at the time.
Although TechFinancials is listed in London, it is incorporated into the British Virgin Islands and its main operating country is Cyprus with an Israeli leadership.
Cyprus is proving popular as a reference point for Israelis to create society. The country is a member of the EU, is a friend of the taxes and you can travel from door to door from Cyprus to Israel in less than an hour for less than $ 100. One of the highest profile Cypriot companies created from an Israeli is eToro. Ledger Insights is based in Cyprus.
