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Formula 1 Teams Launch Fan Tokens on Chiliz Platform Socios.com

UTC by Daria Rud · 3 min read
Formula 1 Teams Launch Fan Tokens on Chiliz Platform Socios.com
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Signing to the Socios.com platform, Aston Martin Cognizant Formula One Team and Alfa Romeo Racing ORLEN join a list of as many as 34 elite international sporting properties on the platform.

Chiliz (CHZ), the world’s first cryptocurrency exchange for sports that allows speculation and trading fan tokens, has announced that two Formula 1 teams launched Fan Tokens on its platform Socios.com. In particular, Aston Martin Cognizant Formula One Team and Alfa Romeo Racing ORLEN decided to take advantage of the platform. Notably, these Formula 1 teams have become the first racing teams to launch Fan Tokens on Chiliz.

Formula 1 Teams on Socios.com

According to the press release, two million AM and SAUBER Fan Tokens will be distributed to fans who pre-bought through Socios.com. The tokens will be available for general purchase on the platform in the near future.

Signing to Chiliz’ Socios.com platform, Aston Martin Cognizant Formula One Team and Alfa Romeo Racing ORLEN join a list of as many as 34 elite international sporting properties on the platform. Among them are such names as Paris Saint-Germain, Juventus, AC Milan, and Manchester City. Besides, last week, Socios.com signed a partnership deal with NASCAR’s Roush Fenway Racing, Argentina’s national soccer team. The latter was planning to become the first national football team to launch Fan Token and engage with the global fan base. In addition, Socios.com partnered with Royal Challengers Bangalore, Punjab Kings, and Kolkata Knight Riders.

Chiliz CEO Alex Dreyfus stated:

“Last week, in a single day, we announced five partnerships – from three different sports, across three continents – and now we’ve continued that momentum convincingly. In the next few years a generation of passive fans will shift into active fans. That transition will take place through transactional fan engagement on our platform.”

In June, Socios.com is also planning to launch a UFC Fan Token in collaboration with the US mixed martial arts promotion company UFC. The token supply will be limited to 20 million tokens. Holders of the Fan Tokens will enjoy certain privileges such as VIP rewards and fan voting rights.

Expansion Plans of Socios.com

For the upcoming future, Chiliz has already prepared plans. In particular, it intends to expand the geography of Socios.com. The platform will increase its existing presence in Europe. Besides, it is also targeting to launch more Fan Token in the USA, UK, Asia, and South America. By now, Socios.com has already opened new regional headquarters in Madrid, Istanbul, Sao Paulo, and Buenos Aires. The company will open a new office in North America soon. The US expansion will see the firm build a new office in the country’s most active crypto market. It is also seeking a partnership with the top sports leagues for the creation of fan engagement tokens.

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Daria Rud
Author Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

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