Love football? Love tech? Do we have news for you.
Socios – a soon-to-be-launched blockchain platform offering fan tokens of top football clubs – is opening an office in Singapore to promote the crypto service among Southeast Asian fans of European football teams.
The new office is expected to open by the end of February, and will be responsible for running fan engagement events for football teams in Singapore and across Southeast Asia, a Socios spokesman said.
The Malta-based company, which raised over US$66 million in funding last year – including a significant sum from global cryptocurrency exchange Binance – will start by hiring “four locals to do business management and marketing”, with plans to increase hiring as the business expands, the spokesman added.
It’s championing fan-led management of football clubs, where fans invest in a club via blockchain tokens in exchange for a say in how it is run.
The Ethereum-based platform – which is is expected to launch by March this year – will offer fans the chance to buy these tokens to gain voting and membership rights.
The platform has already signed exclusive agreements for official fan tokens with football clubs Juventus and Paris Saint-Germain, and says it will announce more tokens in the coming weeks.
Socios CEO Dreyfus told Business Insider that he expected “huge” interest from Southeast Asian fans in the PSG and Juventus fan tokens once Socios launches.
He added that the company chose Singapore as the site for its external office to “give a voice and power to Singapore’s football fans”, as well as “a sign of the seriousness and importance” the republic plays in the company’s growth strategy for Southeast Asia.
Apart from Juventus and PSG, other football clubs that are using blockchain to raise funds include Brazilian football clubs Atletico Mineiro and Avaí FC.
According to the Telegraph, seven premier league clubs from the UK, including Tottenham Hotspur, Cardiff City, Leicester City Football Club and Newcastle United – also partnered with crypto trading platform eToro last year to integrate blockchain and cryptocurrencies in soccer stadiums.