Cristiano Ronaldo’s Football Club Launches Juventus Official Fan Token Offering (FTO)
It's one of the most world renowned football clubs, known by millions across the world, and they've just jumped into the cryptocurrency world in a big way. Juventus has announced the launch of a new cryptocurrency token, stating that it intends to use it as a way to boost fan numbers, and allow them to “be heard.”
Juventus, which boasts a lineup of truly remarkable football players such as Cristiano Ronaldo, has also partnered up with Socios.com to launch . the ‘Juventus Official Fan Token.” The token will initially be distributed via a ‘Fan Token Offering' (or FTO), this is according to a press release by the Football club this week.
Having one of the largest fan bases in the world, especially when compared to any other football club, and a considerably large social media presence, the team has been explicit in its desire to introduce the Fan Token in order to further expand on its already existing audience, allowing their supporter base to stretch beyond Europe, while allowing them to have a more direct experience too.
This token will go on to be fully tradeable on the Socios platform, standing against its native $CHZ token, and will allow fans to vote over its upcoming mobile app. It's within this platform that fans can directly respond to Juventus ballots, ensuring that their opinion is taken into consideration and allowing their “voice to be heard, and creating an emotional connection between the club and its fans,” according to a statement from the football club.
This Fan Token Offering, which will be operating in the same capacity as an Initial Coin Offering, is scheduled for a launch during the first quarter of 2019. While this is the hope, the release doesn't go on to specify how the FTO would be structured, or even provide anything in the way of a soft or hard cap.
According to a statement made by Giogio Ricci, the co-chief revenue officer, head of global partnerships corporate revenues for Juventus:
“At the club we are always very careful and pro-active towards innovation and new technologies. Together with Socios.com, we believe we can offer new opportunities to our worldwide fan base to engage in cutting-edge way with their favorite club.”
This announcement comes during a time where a growing number of football clubs are turning to blockchain technology in order to engage with their fan base to a far greater extent.
This is especially true considering that two-weeks ago, the French league team, Paris Saint-Germain also showcased their plans to issue their own unique cryptocurrency as a means to further incentivize participation from its pool of fans all across the world. That project is also being conducted in partnership with Socios via a similar Fan Token Offering.
Socios has also indicated that, along with today's release, that it intends to engage with an increasing number of football clubs, with as many as 50 moving forward.
“Our ambition is to build the world's biggest global football community and marketplace for football fans alongside demonstrating that blockchain and cryptocurrency is the trusted technology of the mainstream,” said Alexandre Dreyfus, the firm's CEO and founder.
Another example of this is the series B football team, Brazil's Avaí Futebol Clube which, on September the 12th, it announced that it will be creating its own cryptocurrency as part of a wider effort to create its own digital ecosystem for its existing and future fanbase, while aiming to raise $20 million in the process. This initiative is also aimed at helping the team to develop in order to qualify for the top Series A football league within Brazil, while helping to build up the teams physical infrastructure.