Spanish Football Giant Atlético de Madrid Partners With Binance Backed Chiliz To Launch Fan Token
Sports teams are in the world are engaging in partnerships with blockchain companies to introduce cryptocurrency packages for the team's fans. These initiatives promote crypto trading and provide new ways through which fans can interact with the club.
Atlético de Madrid, a football team in Spanish’s primary division, has partnered with Socios.com to provide its fans with a token ecosystem. Socios.com is a blockchain platform which will be used by the Spanish football club for a variety of blockchain purposes.
Socios prides itself on being a blockchain-based platform which provides its users with a crowd management concept. Socios has a tokenized voting platform and blockchain-powered mobile application which is run by chiliZ. ChiliZ is a sports-centric blockchain venture which has the backing of many industry leaders. Firms such as OK Blockchain Capital and leading crypto exchange, Binance, are some of the companies that back chiliZ.
Atlético de Madrid and Socios plan to launch the club’s branded tokens through a Fan Token Offerings (FTO), the first of which will be executed in the fall of 2019. The tokens will be ready for fans to use in the 19/20 football season. Once fans have these tokens, they will be able to use them via the mobile app and voting platform.
The tokens will cost the club’s fans 2 euros and possession of these digital assets gives the holder voting rights on matters about the football club. The ultimate aim is to increase fan engagement with club products by creating tokenized polls on the Socios mobile application. Token holders will also have access to rewards, merchandise, and the club’s football games. The token will improve the way Atlético de Madrid’s fans engage with every aspect of the football club.
Socios Platform and Football Clubs
Socios provides their services to many football clubs around the world, and each of these clubs acts as a node on the network. Each club’s fans operate on a separate side chain which is different from any other side chain on Socios.
Other football clubs that make use of Socios include English side West Ham United, Italian side Juventus and French side Paris Saint-Germain. It is expected that the platform will attract more high profile football clubs in the near future.
According to Alexandre Dreyfus, CEO of Socios, having high profile football teams on their platform will help them to achieve the numbers they aim for. He said that they aim to make the billions of football fans around the world users of cryptocurrency. If they manage to tap into this market, it will expand the crypto industry as a whole.