Chiliz

<p><strong>Paris Saint-Germain (PSG) has just announced an unprecedented initiative in the football world: it is set to become a validator on the Chiliz blockchain, which hosts its famous fan tokens. The revenues generated will be used to regularly buy back these cryptocurrencies, creating a virtuous cycle.</strong></p>
<h2 id="h-psg-a-pioneer-in-the-adoption-of-crypto-in-football">PSG, a pioneer in the adoption of crypto in football</h2>
<p>Until now, football clubs’ forays into the crypto universe had been limited to the launch of tokens dedicated to their supporters. This allowed access to exclusive perks such as meetings with the players or limited edition merchandise.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>But by becoming a validator of the Chiliz blockchain, PSG is taking a major step forward and setting a precedent in the world of professional football. The Parisian club will indeed manage nodes on this network, participate in validating crypto transactions and smart contracts, and earn revenue as a reward.</p>
<p>Rather than pocketing these gains, PSG has committed to reinvest them in the regular purchase of its own PSG fan tokens on the market. The goal: to support the value of the token and enrich the club’s reserves for future uses.</p>
<h2 id="h-a-virtuous-cycle-around-the-fan-token">A virtuous cycle around the fan token</h2>
<p>This buy-back mechanism with the validation gains creates a virtuous economic cycle around the PSG fan token. The more activity on the network, the more money the club earns to buy back its cryptocurrency. As demand increases, the value of the token is boosted, generating even more revenue, and so on.</p>
<p>PSG is betting on this snowball effect to build a sustainable digital economy around its fan token. Other clubs that have issued tokens on <a href="https://twitter.com/Chiliz/status/1760590339352506531" target="_blank" rel="noopener noreferrer nofollow">Chiliz</a> may well follow this innovative example.</p>
<h2 id="h-towards-a-massive-adoption-of-crypto-in-football">Towards a massive adoption of crypto in football?</h2>
<p>Some may see this as yet another step towards the mainstream adoption of crypto. The fact that a football giant like PSG has publicly taken on the role of a blockchain validator sends a strong signal. Especially as a hackathon on this theme is scheduled to be held at Parc des Princes in the coming months.</p>
<p>It remains to be seen whether this initiative will be followed by other big names in football, who are still wary of cryptocurrencies. But PSG has probably scored a decisive goal by forcing blockchain into the very conservative world of professional football. Crypto is now joining the game!</p>

Paris Saint-Germain revolutionizes crypto! The club becomes a blockchain validator!

Table of Contents

Cointribune EN

Other articles published on Feb 22, 2024

Former SEC Attorney Joins Pro-Crypto Law Firm As a Defendant

ECB Remains Skeptical of US-Approved ETFs and Bitcoin

Analysts Applaud Worldcoin Growth as WLD Hits New Highs on This Major Exchange Listing

Top Market Maker Dumps 380 Mln JASMY to Binance As Price Soars 40%

Ethereum Co-Founder Vitalik Buterin Raises Concerns Over Layer 2 Networks

Ethereum Price Could Reach $4,000 In March On 4 Factors Including Spot ETF

Join our free newsletter for daily crypto updates!