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La Liga soccer Giants Atlético Madrid launch a Fan Token

Crypto

Atlético de Madrid — a Spanish soccer team — has partnered with Socios.com blockchain platform to facilitate launching of a fan token ecosystem, according to a Sept. 6 press release.

Socios is a blockchain-based tokenized application that emanates from Real Madrid & FC Barcelona’s “Socios” crowd-management concept. In Spanish, “socios” refers to a member or associate.

chiliZ — a sports blockchain venture — effectively operates Socios and blockchain-based mobile app and tokenized voting platform. The sports venture boasts of high profile crypto industry players, the likes of Binance crypto exchange and OK Blockchain Capital.

In the current season’s UEFA Club rankings, Atlético de Madrid clichéd the 4th position — beating teams such as Juventus (5th), Arsenal (9th), Chelsea (12th) and Ajax (20th).

In fall 2019, Socios and Atlético de Madrid are expected to use Fan Token Offering (FTOs) to launch a club-branded Official Fan Token for the 19/20 season.

Priced at 2 euros, the token will confer voting rights on Atlético fans, making them participate in tokenized polls on the Socios mobile app which drives fan engagement. Besides, grant holders would access merchandise, games, and rewards.

Over a billion crypto users

The fan tokens operate on the Socios platform under a separate permissioned side chain, where the node with proof-of-authority is each participating chilliZ soccer club.


An Ether-compliant ERC20 utility token $chz — chiliZ’ native cryptocurrency — is the one that powers the sidechain.

As Atlético de Madrid partners with the platform, it will join other major international soccer teams like Paris Saint-Germain (French soccer club), Juventus (Italian team) and West Ham United (London-based team)

Alexandre Dreyfus — Socios’ CEO and founder — stated that the motive of on onboarding these high-profile teams, is to grow the potential user base of the platform to “well over a billion sports fans, all of whom will be eventual cryptocurrency users.”

Socios officially partnered with Binance to have its token listed on the exchange. Other platforms like Utrust are facilitating tickets and merchandise cryptocurrency payments for teams such as Portugal’s Benfica.

Last month, Manchester City — an English Premier League football club — partnered with Superbloke, South Korean blockchain football gaming startup.

Source: https://cointelegraph.com/news/spanish-la-liga-club-atletico-madrid-is-launching-a-fan-token

About the author

James Lovett

James Lovett

James is a passionate writer on cryptocurrency industry and other disruptive technologies in the crypto world. He has written several crypto articles for numerous websites and blogs over the years.

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