Emerging Tech, Data & Media

Atletico Madrid bank Socios’ blockchain technology for fan engagement

Spanish soccer giants become latest to join Chiliz soccer token platform.

by Tom Bassam

Atletico Madrid bank Socios’ blockchain technology for fan engagement

Chiliz, a sports and entertainment blockchain company, has announced a new partnership that sees Spanish soccer giants Atletico Madrid become the first La Liga club to join Socios.

The blockchain-based fan engagement and rewards platform already features a number of other European soccer clubs such as Juventus, Paris Saint-Germain, Roma and West Ham offering its fan tokens.

As the Atletico’s official fan token partner, Socios.com will provide the club’s supporters with the opportunity to purchase blockchain assets that are designed to promote engagement by rewarding them for participation in activities on the platform. On offer via Socios is exclusive access to club experiences, merchandise and games.

Atletico fan tokens will be tradeable against Socios’ native token, $CHZ, a digital currency for blockchain-backed platforms and products and mainstream users. Fans must first purchase $CHZ through a cryptocurrency exchange or directly on the app itself, in order to access their club’s tokens through a process known as a fan token offering (FTO).

The Atletico fan tokens will be priced at €2 (US$2.20) and will be available exclusively through Socios in Autumn 2019 for the 2019/20 season. Fan tokens can also be earned for free through the app’s augmented-reality geo-location feature Token Hunt.

Atletico board member Clemente Villaverde said of the new deal: “We are a club that is constantly committed to technological innovation and in this sense, we see it as very positive to join the Socios.com community.”

Alexandre Dreyfus, chief executive and founder of Socios.com, added: “Not only is Atlético de Madrid a giant of the footballing world, but they are very creative and forward-thinking with regard to technology and fan engagement, and that is what ultimately led us to want to partner with them.

“They already have a hugely passionate fanbase in Spain but joining Socios.com will enable the club to further reach, engage and reward a more global audience through innovative blockchain technology. By adding a club of such magnitude, we will grow our own potential user base to well over a billion sports fans, all of whom will be eventual cryptocurrency users.”