Paris Saint-Germain will issue its own token for fans

France's largest football club, Paris Saint-Germain (PSG), is planning to issue its own cryptocurrency to encourage the participation of the club's fans in its development.

PSG, a star-studded team, on Tuesday announced a partnership with blockchain startup Socios, which will develop technology for a so-called Fan Token Offering.

PSG plans to begin selling its tokens in spring 2019, according to a French news portal. The team could become the first football club to issue its own cryptocurrency.

The purpose of this cryptocurrency is to give fans the opportunity to hold a token that will allow them to vote and decide on the least strategic decisions within the team, such as choosing a team kit or an opponent in a friendly match. Owning tokens will further give fans the opportunity to enjoy exclusive offers: personal meetings with players or participation in certain matches. 

According to representatives of Paris Saint-Germain, the team management hopes that blockchain technology will secure the voting process and also ensure its transparency. Mark Armstrong, head of partnerships at PSG, said: "Paris Saint-Germain is set to take advantage of the benefits that cryptocurrencies provide. This revolutionary technology will have a huge impact on the club's overall business strategy and how we interact with our fans."

According to CoinDesk, seven major UK clubs, including Newcastle United, Crystal Palace, and Leicester City, have signed an agreement with the company eToro, through which they can accept sponsorship payments in Bitcoin.

In August, the Union of European Football Associations (UEFA) announced that they had completed testing a blockchain ticketing application.