A.S. Roma Partners With Socios to Conduct "Fan Token Offering"

Samuel Haig
  • 24 Jul 2019
  • /
  • In #ICO

Italian Professional football club, Associazione Sportiva Roma (A.S. Roma), has announced that it will launch an “official Fan Token” in partnership with Socios.

Socios is a platform that allows sporting clubs to distribute digital tokens that facilitate voting rights, rewards, and exclusive merchandise offers. Other soccer clubs currently offering Fan Tokens through Socios include Paris Saint-Germain, Juventus, and West Ham United.

A.S. Roma Becomes Latest Soccer Club to Issue “Fan Token”

From Autumn onwards, fans of the club will be able to influence decisions regarding the naming of a club facility, choose a player to feature in a live Q&A on Twitter, and select pre-match activities at the Stadio Olimpico. The club also indicated that additional matters will be made available for fans to vote on “in due course.”

Francesco Calvo, the chief revenue officer of A.S. Roma, applauded the partnership, stating:

Thanks to Socios.com’s blockchain platform we can guarantee new opportunities to our fan base around the world, giving them the possibility to interact in an innovative way with their favorite team.

Alexandre Dreyfus, the founder and chief executive officer of Socios welcomed the partnership with A.S. Roma, stating: “This partnership gives us the opportunity to educate a huge audience of mainstream consumers to the benefits of blockchain and cryptocurrencies, across Europe as well as Asia and Latin America. If you add up all the fan bases of our current partners, we're already looking at a potential audience of hundreds of millions of sports fans and users.”

A.S. Roma Tokens to be Distributed by “Fan Token Offering”

To purchase the Fan Tokens, A.S. Roma supporters will first be required to purchase Socios’ native cryptocurrency, Chiliz (CHZ), which is currently listed on BitMax, KuCoin, and Binance DEX. Supporters can purchase the Fan Tokens in exchange for CHZ through a “Fan Token Offering.” The A.S. Roma Fan Token will be priced at €2 (approximately $2.23 each).

Fan tokens can also be earned through frequent interaction with the club on the Socios platform, of freely hunted through the app’s augmented-reality geo-location feature, “Token Hunt.”

The chief strategy officer for Socios, Max Rabinovitch, stated: ”It's exciting to be partnering with a club like AS Roma, which is eager to leverage its rich history and has a genuine willingness to evolve with the demands of modern football fans to really grow its footprint globally."

South Korean Startup That Raised 29,000 ETH via ICO Is Shutting Down

Contents Protocol Team, a South Korean cryptocurrency startup that raised over 29,300 ether via an initial coin offering (ICO) and a private token sale in 2018, is shutting down and refunding its investors.

According to the startup’s website, Contents Protocol decided to shut down and refunds its investors over a continued lack of regulatory uncertainty, and over difficulties with its own goal of collecting data from local platforms like Watcha and Watcha Play. Watcha is a Korean movie rating and recommendations service, while Watcha Play is a streaming service similar to Netflix.

The startup was looking to reward the platforms and their users with its own native token, the CPT, for the data it collected, so it could then sell the data to content providers and create a better content production ecosystem. The idea didn’t seem to work as the platform didn’t see cryptocurrencies in a favorable light. The website reads:

There were numerous difficulties in encouraging participation from content consumers because of their negative perception toward cryptocurrency, price volatility and complex user experience. It was also a challenge to bring in content platforms who would provide data to Contents Protocol.

The firm added that since its capacity to collect data was limited, it was hard to give content producers insightful data that helped them improved the ecosystem. Legal and accounting risks associated with the uncertainty surrounding crypto taxes also contributed to the firm’s fallout.

Contents Protocol detailed it’s liquidating and distributing its remaining assets to investors based on the legal opinion and advisory from law firms in both Korea and Singapore. Its assets are to be converted to ether and then distributed to CPT token holders who requested an ETH compensation.

Its initial coin offering was held in December 2018, where it raised 29,337 ETH when the cryptocurrency was trading at about $115. It currently has 26,878 ETH in its reserves which will be distributed to CPT holders following a specific ratio:

asset distribution ratioSource: Contents Protocol

According to CryptoCompare data, ether is currently trading at $281 after rising over 72.8% in the last 30 days.

Featured image via Pixabay.