Manchester City soccer club launches fan token with Socios

Manchester City soccer club launches fan token with Socios

Major English football club Manchester City is the latest sports club to launch its own blockchain-based token to power new tools for digital fan engagement.

According to an official announcement Friday, Manchester City has partnered with fan engagement platform Socios.com to launch the CITY fan token on the Chiliz blockchain. Similar to other European clubs like FC Barcelona and Juventus, Manchester City will now have an option to provide VIP rewards, club promotions, games, AR-enabled features and polls using its fan token.

Our top trading bots

Stephan Cieplik, senior vice president of global partnerships sales at City Football Group, the parent company of Manchester City FC, said that participants of the club’s Cityzens membership will be eligible to receive a free CITY fan token. “Every existing registered Cityzen will also be eligible for a free token so they can access the full range of benefits and rewards,” Cieplik said.

Alexandre Dreyfus, CEO of Chiliz and Socios, said that the newly launched fan token will provide fans with unique digital and real-life rewards and experiences as soon as COVID-19 restrictions are lifted.

Competing in the Premier League, the top level of English soccer, Manchester City is reportedly the fifth most valuable football club in the world, with an estimated value of $2.7 billion as of 2019. Manchester City came under intense criticism after the club was given a two-year ban from European club competitions for breaching Financial Fair Play rules last year, which was eventually overturned on appeal.

As previously reported by Cointelegraph, Chiliz (CHZ) token — the native token of the blockchain platform created by Socios — has seen a parabolic rise over the past several months, hitting a $1 billion market cap. At publishing time, CHZ market cap stands at $3.8 billion, according to data from CoinMarketCap. In early March, Chiliz completed a $50 million funding round as part of its expansion plan into the United States.

Keep reading relating to Cointelegraph
Miners that hodl the most Bitcoin are ‘relentlessly expanding’
Bitcoin (BTC) miners are holding more and more Bitcoin while “relentlessly expanding” their operations in 2022. A report by Arcane Research indicates that...
Price analysis 1/28: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX
Bitcoin (BTC) and most major altcoins are turning down from overhead resistance levels, indicating that the sentiment remains negative and traders are selling...
‘The only thing holding us back is us,’ says Charles Hoskinson on DeFi's future
The total value locked, or TVL, in decentralized finance (DeFi) has soared to over $250 billion as 2021 closes out, with most activity on Ethereum, according...
Avocado Guild and TPG Telecom partnership lets players earn mobile data with tokens
TPG Telecom and the Avocado Guild, a blockchain gaming business focused on the play-to-earn (P2E) model, have teamed up to allow customers to exchange their...
Bitcoin approaches all-time high but hits resistance at $60,000
By Samuel IndykInvesting.com – The price of Bitcoin jumped towards its all-time high on Friday morning after a Bloomberg report said the US Securities and...
MetaMask pushes institutional offering with BitGo integration
Decentralized finance (DeFi) wallet and browser extension MetaMask has partnered with three crypto-focused custodians as part of a broader effort to attract...
Law Decoded: China FUD and false dichotomies, Sept. 20–27
In the wake of yet another iteration of China’s enduring crackdown on cryptocurrency, a particularly influential narrative on Crypto Twitter suggests that...
Korean internet giant Kakao expands blockchain presence to Singapore
Singapore is reportedly the next port of call for Kakao’s globalization agenda for its legacy blockchain platform Klaytn.According to a report by The Korea...
Auditors reveal USDC backing as Jim Cramer sounds alarm over Tether's mad money
Auditors working for Circle have disclosed the reserves backing the firm’s USDC stablecoin, while Mad Money’s Jim Cramer has questioned Tether’s lack of...
Top 5 cryptocurrencies to watch this week: BTC, MATIC, THETA, CRO, LEO
Bitcoin (BTC) bulls have successfully defended the $30,000 level in the past few days but the failure to achieve a strong rebound has some traders worried...
Santander's UK arm follows Barclays in banning payments to Binance
Spain-based bank Santander’s U.K. business will no longer be allowing its customers to send payments to Binance, citing warnings from the Financial Conduct...
Crypto mining firm Argo Blockchain eyes secondary Nasdaq listing
Argo Blockchain, a publicly traded blockchain technology company focused on cryptocurrency mining, is looking at a potential secondary listing on the Nasdaq...
Jack Dorsey’s Square Inc. to invest $5M in Blockstream Bitcoin mining facility
Square Inc., a crypto-friendly mobile payments company, is planning to invest $5 million in a solar-powered Bitcoin (BTC) mining facility for Blockstream...
Fantom surges 52% following network upgrade
The token of smart contract platform Fantom, FTM, was subject to a 52% price increase leading into Thursday morning following the successful implementation...
Turkish crypto exchange halts trading amid reports of police raid
Major Turkish cryptocurrency exchange Thodex has abruptly halted trading and withdrawals amid reports of police raids, Cointelegraph Turkey reported on...