Business & Finance

Soccer Club Joined Crypto Mania – Announces Fan Tokens for Voting Rights

Atletico Madrid, a Spanish soccer club based in Madrid which plays in the top professional football league of the country La Liga, has announced that the club is partnering up with a blockchain firm Socios, to launch its own fan token system. Athletico, in the press conference announced that the club will be launching a branded Official fan token by Fall 2019 and will be operational during the 2019/2020 season.

Socios has described itself as a blockchain-powered tokenized application for crowd management. The company has also been working with other Spanish soccer clubs Real Madrid and FC Barcelona. The Socios tokenized platform allows fans to vote through a blockchain-based mobile app that connects them with team management.

The company behind the Socios app, Venture Chillz is a key player in the crypto market and is backed by many high-profile crypto industry players such as Binance and OK Blockchain Capital.

Atletico Madrid is a club with rich a history as the club was founded more than a 100 years ago and since then has won numerous European and league titles, most recent one being the Europa league in 2018. For the current season, the club is ranked at 4th place amongst all of UEFA clubs, with other clubs such as Juventus (5th), Arsenal (9th), Chelsea (12th) and Ajax(20th) at lower positions than Atletico.

The token which is priced at 2 euros will be a digital asset that will give Atletico fans voting rights. The token will drive fan engagement and through polls on the Socios mobile app. The users will also be able to get merchandise and other rewards through the token as well.

Even though the tokens are used and held on the Socios platform, they will be kept on a separate permission side chain for every club. Each football club serves a node with proof of authority. The side chains are powered by the chiliZ token, operated on the Ether-complaint utility token ERC20. The Socios app has already been operational for some time, with clubs like London based West Ham United, the Paris based club Paris Saint-Germain and the Italian club Juventus in its portfolio.

READ ALSO: ‘Crypto-Goal’ Scored by a Premier League Soccer Club

The reach of this new deal is enormous as football is one of the most-watched sports in the world, with the UEFA league bringing in almost a billion views every year. The CEO and founder of Socios Alexandre Dreyfus, has said that the company has a lot of potential and will also help in the popularity of cryptocurrencies and blockchain. In a statement he said:

We aim to grow the platform’s user base to well over a billion sports fans, all of whom will be eventual cryptocurrency users.

The company is not the only one that has planned to tokenize the sports industry. Utrust and other platforms have also emerged. Utrust is facilitating merchandising using crypto tokens for Portugal’s Benefica Football club. The UK based club Manchester City has also announced a partnership with a South Korean startup Superbloke.

READ ALSO: NSA’s Quantum Resistant ‘Crypto’ – The Answer to Cyber Attacks

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Shahzaib Zafar

Electrical Engineer, Crypto enthusiast, a tech nerd and a developer with a keen interest in blockchain, writes daily articles about bitcoin and cryptocurrencies for blockpublisher.

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