FC Barcelona Partners With Startup to Launch its Own Token

Michael LaVere
  • FC Barcelona has partnered with blockchain startup Chiliz to launch a new token.
  • Barca Fan Token (BAR) will allow fans to vote on certain club decisions. 

Spain’s FC Barcelona has announced a partnership with blockchain startup Chiliz to launch a token for its fans later this year. 

The Lionel Messi-led football club, which boasts more than 300 million fans, is planning to launch a token in Q2 2020 that will give voting power to its supporters. FC Barcelona has partnered with the sport-focused startup Chiliz to launch the new coin, dubbed Barca Fan Token (BAR), according to a report by The Block.

Alexandre Dreyfus, founder and CEO of Chiliz, said the deal took 17 months to close and has been approved by the football club’s board. 

Josep Pont, board member and head of FC Barcelona’s commercial division, said of the partnership,

This agreement will give us the chance to set up innovative marketing and partnership activations with a clear focus on the digital realm to take the Club closer to our fans around the world.

The BAR token will be sold at an initial price of €2 with a max supply of 40 million. Coin holders will have the opportunity to cast votes on exclusive club decisions, which will be announced at launch. 

Dreyfus said, 

It is all about fan engagement and how to offer a voice, an influence to 99.9% of fans that are NOT in the stadium/arena.

Featured Image Credit: Photo via Pixabay.com

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.