French Football Club launches its own digital currency

French Football Club launches its own digital currency
Sep 12, 2018 by Rico Wise

Paris Saint-Germain, widely known as PSG, is a famous football club from France, which aims to introduce its own digital currency through an ICO, which aims to motivate its advocates using the blockchain technologies.

The news comes with the announcement of collaboration between the PSG club and Malta-based blockchain firm. The cooperation sees the concept “socios” in its basis, which is something the fans of Real Madrid and Barcelona are already familiar with in Spain.

PSG is considered the most popular and successful club in the football league of France, playing in its top tier. The club belongs and receives funds from a Qatar state financing company, and is the holder of a record for paying the highest sum of 263 million US dollars for a player transfer – PSG has bought Brazilian football prodigy, Neymar, from FC Barcelona last year.

The Socios company refers to itself as a virtual form of the real existing Spanish phenomenon of crowd-performed management known as “Socios” by the fans of such football clubs as Real Madrid and Barcelona. From Spanish language, ‘socios’ means ‘member, associate’. The network runs on the chiliZ sports blockchain, backed by well-known figures of the digital currency industry, such as Binance. chiliZ have successfully managed to accumulate 66 million US dollars through their crowdfunding activities.

According to the chief executive of Chiliz, the network has been anticipating the chance to include more football clubs in its list of partnerships. The dedicated PSG currency will give the fans an opportunity to participate in votes for some of the lesser decisions, such as the jersey color of the club, logotypes, stadium music, vote for best players of each game, select line-ups for charity games, and so on.