Sports token platform Socios has taken the world by storm in recent months as it facilitated the launch of tokens belonging to well-known sports clubs such as the Juventus Club and most recently, for FC Barcelona.
Owned by blockchain firm Chiliz, Socios announced on February 24 that it will be introducing a fiat to crypto debit card to users registered under a ‘blockchain-based global ID’. According to Chiliz, the global ID will help to fulfill the Know-Your-Customer (KYC) function, and the user’s wallet will also be linked with the ID so they can freely spend $CHZ, Chiliz’s proprietary token, and other currencies which are unspecified as of now.
The $CHZ token is primarily used to engage fans in sports-related events and activities. With the upcoming Socios debit card, users can use it as a membership card as well where they can collect rewards or claim discounts or offers.
“Using blockchain to create one unique ID for fans is an amazing use case especially in the sports and ticketing industries. Our focus is to launch a product that will be used by fans but more importantly will be connected to some of our partners’ ecosystems. This will allow fans to be empowered with their Fan Tokens but also rewarded with $CHZ and benefits thanks to this card. This strategic move is aimed at reinforcing our leadership in blockchain and sports innovation, by using technology to bring the clubs, sports teams & IPs closer to their global fan bases,” says Alexandre Dreyfus, CEO of Socios.com and Chiliz.
The card is slated for a Q2-Q3 2020 launch. The company is currently looking to onboard partners for this initiative.
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