Football Club Barcelona has teamed up with fintech platform Chiliz to create a blockchain-based token for the sports franchise

The most popular football club in the world Barcelona, has teamed up with fintech platform Chiliz to create a blockchain-based token for the sports franchise. As part of the partnership with FC Barcelona, Chiliz created Barça Fan Tokens ($BAR), digital assets that allow supporters to take part in polls and surveys on Chiliz fan voting & rewards mobile app Socios.com.

Barça fans all over the world will be rewarded for every action taken on Socios.com, climbing up leaderboards and receiving reward points which can be exchanged for exclusive merchandise and unique once-in-a-lifetime experiences. $BAR Fan Token holders can also look forward to other features on Socios.com, including Chat, Fan Token trading, games and community challenges.

The agreement is the first blockchain partnership to be signed by the club, and is part of FC Barcelona’s global expansion strategy. The new partnership boosts the Club’s commitment to looking to new digital channels and formats for connecting and generating engagement with their global audience.

“We are really proud to launch the Barca token on the Chiliz blockchain platform,” Chiliz and Socios CEO and founder Alexandre Dreyfus said, referring to Chiliz’s own Ethereum-based blockchain. “This is the ultimate goal and the best confirmation of our long term vision about fan engagement and monetization.”

Tokenizing sport clubs and more 

Barça Fan Tokens will be available in Q2 2020. 40 million will be made available, with each $BAR costing €2 at the initial point of sale.

Fans will be able to purchase Barça Fan Tokens when the FC Barcelona Fan Token Offering (FTO™) opens. In order to buy Barça Fan Tokens, fans must use Chiliz ($CHZ), the digital currency of Socios.com. Fans can buy $CHZ on the Socios.com app, or they can transfer from a digital wallet. Fan Tokens can also be purchased on Chiliz.net – the world’s first crypto exchange for sports & entertainment. $CHZ is listed on many of the world’s largest cryptocurrency exchanges.

Fans will also be able to accumulate free $CHZ and $BAR Fan Tokens periodically through Token Hunt, Socios.com’s in-app Augmented Reality (AR) feature.

Last month, Chiliz and Socios also partnered with Cristiano Ronaldo’s soccer club Juventus, for the JUV token. Dreyfus told The Block that the sale of JUV is “not finished” yet, and so far nearly $200,000 worth of the tokens have been sold.

Founded in 2018, Chiliz raised over $60 million in an initial coin offering (ICO) that year, from investors including Binance, Dreyfus tweeted Wednesday. Chiliz has over 60 employees across its offices in Malta, Argentina, Korea, Singapore and France.

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