Portugal’s football club Benfica will launch fan tokens

Sports club interest in cryptocurrencies is increasing. In this episode, Portugal’s largest football club Benfica plans to launch a fan token. For this, a tie-up has been made with the blockchain-based fan engagement firm Socios. Fan tokens are a type of cryptocurrency whose holders are allowed to vote in most decisions related to the club.

Benfica’s Chief Executive Officer Dominos Soares has statement “We are focusing on digital assets. This market influences our industry. The club constantly strives to provide Benfica fans a positive experience,” he said. Fan tokens are increasing in importance as a source of revenue for football clubs. Socios, which provides fan tokens to clubs such as Manchester City, Barcelona and Paris St Germain, says its partner clubs received around $200 million from these tokens last year.

bitcoin and others cryptocurrencies Like Fan Tokens also can be traded on exchanges. However, investors have been warned about such digital assets by regulators. Despite this, many big businessmen and celebrities support cryptocurrencies. These include Elon Musk, the head of electric car maker Tesla and Jack Dorsey, the founder of Twitter. Famous footballer Lionel Messi had signed an agreement of more than $ 20 million in March to promote Socios. Messi had a two-year contract with football club PSG last year. It also included fan tokens of this French club as their fee.

Benfica’s financial results last season were the worst in 11 years. The club’s revenue was severely affected due to the Corona epidemic and it had to bear a loss of 174 million euros. Benfica also faced charges of tax fraud and money laundering. These allegations are being investigated. Some other big football clubs have also been affected by the pandemic and this has forced them to cut their expenses.
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