One of the wealthiest football clubs in the world, based in Paris, France, is officially part of the latest cryptocurrency news – because of the launch of its own cryptocurrency with a token offering that will aim to incentivise its supporters over a blockchain.
The Ligue 1 club, Paris St. Germain or also known as PSG, partnered with the blockchain company Socios.com which is based in Malta. This partnership is based on the ‘socios’ concept that exists between the football fans of Real Madrid and Barcelona, two of the most popular and successful Spanish football clubs.
Meanwhile, PSG is more than just a football club – it is a brand followed by many supporters. As the most dominant team in the past few years, it plays in the highest tier of the French soccer league and has been even hailed as the country’s “most popular” team.
Owned and bankrolled by a Qatar state investment firm, PSG holds the record for the highest transfer fee – the purchase of the Brazilian football star Neymar from Barcelona in 2017 – for a sum of $263 million.
Socios, on the other hand, describes itself as a digitized and tokenized form of the crowd-management concept of Real Madrid FC & Barcelona. Powered by a sports blockchain venture dubbed chiliZ, the platform has the backing of high profily crypto industry players that include the names of Binance.
The CEO of Chilliz, Alex Dreyfus, commented on the latest collaboration with PSG, stating:
“We are focusing on onboarding the biggest clubs in Europe and in the coming weeks, we will announce other big clubs who will also be joining our platform. Outside of France, our priority is clubs in the UK, Italy, Spain and Germany.”
Following this partnership, PSG will launch its own Fan Token Offering (FTO) that gives fans access to branded items and tokens which come with voting rights and can also confer VIP status and rewards to their holders. With this, fans will have freedom in choosing their club’s jersey color, stadium music, logo and other promotional materials.
CFTC With A Fine Of $1.1 Million To Crypto Fraudster
"Today's Order stands as yet another in the string of cases showing the CFTC's commitment to actively police the virtual currency markets and protect the public interest," is what is written in the CFTC enforcement document.
Australian Exchange Co-Founder: ‘Stablecoins Are A Game Changer’
“In London, I see a lot of finance people getting into it. People with 10, 20 years of forex experience are trying their hand at it. It’s drawing a lot of people from traditional financial circles, just because it’s interesting, it’s intriguing, there’s a lot of upside to it.”Meanwhile, his exchange CoinJar, will consider the possibility of floating a stable currency, even though the market has a number of players in that circle, according to Tan. As he added in the report:
“There are a few Australian stablecoins already – I think there are three or four out there. I think many of them would be happy for us to utilize them. The question is, how do we try to leverage some of these things to provide a better user experience for our users?”Earlier this year, CoinJar introduced the first cryptocurrency index fund, offering wholesale investors with net assets of more than $2.5 million (AUD) to cryptocurrency while shifting the custody responsibility to CoinJar.
CEO Of Binance Thinks That Market Is Still In A Good Position, Crypto Volume x2 Larger Than Stats
“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business."Binance is still recording decent volume and maintaining a healthy business - showing an increase in its number of active users and BTC deposits. Zhao continued, stating:
“Right now we are still signing up a steady amount of new users every day so from what we are seeing, it’s very healthy actually. The number of new users and the amount of crypto we hold are increasing very steadily. So if you look our cold wallets, the amount of BTC we hold, we have just seen an increase in people depositing Bitcoin to our exchange.”Meanwhile, the cryptocurrency market cap seems to be getting hold of the over-the-counter (OTC) market where large institutional traders are playing. According to some stats from earlier this year, this market is at least two times larger than the cryptocurrency exchange market. CZ also noted that the OTC market is estimated to be at least as large as the live recorded volumes of exchanges. As such, it is now twice the size of the current volume, having around $23.4 billion (despite the $11.7 billion daily trading volume of crypto) in circulation.
“What I’ve heard is the OTC market is at least as large as the live recorded volumes [on exchanges]. So that is at least 50 percent of volumes that is not being reported on CoinMarketCap. But we’re not heading to that business, so we don’t know the real volumes,” Zhao concluded.
Major Altcoin Rise: Cardano, Stellar And Zcash With Gains Prior To Coinbase Listing
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