Paris Saint-Germain To Start Its Own Cryptocurrency

Paris Saint-Germain, the prominent French soccer club, will be starting its own cryptocurrency. Part of this is through the support of a new platform produced by Socios. The move is designed to help get the PSG club to start offering more things for its fans and to offer some control over what the team can do. This could result in rewards for people who acquire tokens off of this distinct currency.

About the Currency

The Socios platform is designed to work as a tokenized form of the crowd management system that is used by other prominent soccer clubs, such as Barcelona.

In particular, the platform being used is programmed through the chiliZ sports blockchain system. This system concentrates on producing an effective setup for allowing supporters of a sporting club to participate in some of the actions that a club may work with. For instance, users who enter the blockchain can choose which jersey colors a club will wear for certain matches, the in-stadium music that will be used, and many other valuable points.

Things like charity match line-ups and summer tour events can also be planned through the system. The design used here will help people with getting more control over how they will interact with a team.

The tokens used by the PSG currency would help people to get a stake in some of the voting activities that they can enter into. People can exchange these tokens for rewards over time as well, although details on the specific rewards that will be offered have not been specified.

How Will Tokens Be Traded?

The tokens involved with the PSG currency will be traded on socios.com. These will be traded against the chiliZ native token that operates the blockchain setup.

When Will the Tokens Be Available?

The tokens are anticipated to be available at some point in the coming year, possibly before the next soccer season starts. But PSG has not released details on specifically when the currency will be made available to the public.

About PSG

Paris Saint-Germain has grown to be one of the wealthiest professional sports clubs in the world. PSG has been in operation since 1970 and currently plays soccer in Ligue 1, the top level of competition in France. The team has been one of the most successful in the league, having won seven titles.

PSG is slightly under $1 billion in value. The team’s value is the highest among all in France, although it is only the eleventh-most valuable in the world and is a quarter of the value of the Manchester United, Real Madrid, and Barcelona clubs.

Part of the effort for PSG to start its currency comes from its parent company. A state investment firm based out of Qatar currently owns the club. The group has helped produce hundreds of millions of dollars in funds for the team to help it develop a stronger fan base and international reach. The group was particularly instrumental in spending nearly a quarter of a billion dollars to purchase the Brazilian star Neymar last year.