Crypto tokens helped pay for Messi’s PSG transfer
by: Dynasty GI2021-08-15
France’s top football club, Paris St. Germain, has confirmed that a “significant’ amount of the club’s cryptocurrency fan tokens was included in star player Lionel Messi’s welcome fee. According to media reports, the fee was estimated at between US$ 29 million to US$ 35 million.
PSG is not alone in issuing fan tokens, a type of cryptocurrency that also gives a level of say in how the club is run. Other teams with similar tokens include England’s Manchester City, Italy’s AC Milan and Messi’s former club, Barcelona.
A Reuters report quotes Socios.com – the provider of tokens for PSG and other major teams – as saying that the scheme has generated nearly US$ 200 million for its partners so far this year. Like other digital currencies, fan tokens can be traded on exchanges and PSG said there had been high volumes of movement of its fan tokens following reports that the Argentinian football star was going to join the club. "We have been able to engage with a new global audience, creating a significant digital revenue stream", PSG’s chief partnerships officer, Marc Armstrong, told Reuters.
"“Sport is a multibillion global market that presents huge potential for cryptos, both as a way to facilitate transactions but also to increase the visibility of digital currencies given how popular players like Messi are around the world”, said Eduardo Carvalho, co-founder and CEO at Dynasty Global Investments AG."