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Portugese Soccer Club Benfica To Launch Fan Token

Portugese soccer membership Benfica will launch a fan token

Portugal’s largest soccer membership, Benfica, will change into the nation’s first to hitch the crypto craze, partnering with blockchain-powered fan engagement agency Socios.com to launch a fan token, the membership introduced on Tuesday.

“We have been paying very close attention to Digital Assets,” SL Benfica CEO Domingos Soares de Oliveira stated in a press release issued by Socios.com.

“It’s a market which has been influential in our industry of late. Benfica is constantly focused on searching for and delivering a positive experience to our fanbase. We are delighted to be partnering with Socios”.

Fan tokens are a kind of cryptocurrency that enable holders to vote on principally minor selections associated to their golf equipment.

They are more and more seen by golf equipment as a supply of recent income. Socios.com, which supplies such tokens for Manchester City, Barcelona, Paris St Germain and different prime golf equipment, says they generated practically $200 million for its companion golf equipment in 2021.

Like bitcoin and different digital currencies, fan tokens might be traded on exchanges. They additionally share with different cryptocurrencies an inclination for wild worth swings.

Some regulators have issued warnings to traders about digital property.

Still, a number of high-profile enterprise and leisure figures have backed crypto property, with Tesla boss Elon Musk, Twitter founder Jack Dorsey and rapper Jay-Z amongst these to have proven help for bitcoin.

Soccer star Lionel Messi signed an settlement value greater than $20 million in March to advertise Socios.com after the two-year contract he signed with PSG in August 2021 included among the French membership’s cryptocurrency fan tokens in a “welcome package”.

The Argentinian turned solely the newest international sports activities persona to enter the crypto world, following NFL quarterback Tom Brady and NBA star LeBron James. Messi’s deal was a part of a rising wave of tie-ups between crypto companies and soccer.

Benfica introduced their worst monetary outcomes of the previous 11 years for the 2020-21 season, with losses of 17.four million euros because of the impression of the COVID-19 pandemic.

Not even the return of followers to the stadiums has balanced the numbers. In March, the membership introduced losses of 31.7 million euros within the first half of the 2021-22 season.

In July 2021, Benfica President Luis Filipe Vieira was detained as a part of an investigation into alleged tax fraud and cash laundering. Benfica SAD shares dropped after the information.

(Except for the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)

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