Tottenham Hotspur will become the latest Premier League team to tap into blockchain technology to issue and manage its own Web3 fan token to drive supporter engagement and rewards.
Spurs will issue the fan token through Socios.com, the fan engagement platform built on the Chiliz blockchain that has attracted over 80 major sporting teams from different codes around the world. The platform enables teams to issue and manage fan tokens, digital collectibles and real world rewards, while users can participate in DAO-like decisions involving their favourite teams.
Spurs join the likes of Premier League champions Manchester City, Arsenal Barcelona, Paris Saint-Germain, Juventus, Inter Milan, AC Milan,Atlético Madrid and A.S. Roma, which are some of the most prominent teams in professional football making use of blockchain to innovate engagement with supporters.
The launch will allow $SPURS token holders to take part in onchain voting on a variety of team dynamics, including potential kit changes. Spurs will also partner with MatchWornShit, the platform that facilitates auctions of jerseys worn by players during games that are authenticated on the Chiliz blockchain.
Commenting on the partnership, Tottenham commercial sales director Ryan Norys said that the fan token will build on its existing membership scheme with a “new range of club-related rewards and experiences.”
Speaking directly to Cointelegraph, Chiliz and Socios CEO Alexandre Dreyfus said that talks have been ongoing with Spurs since 2022. He also said that the club would use Socios while simultaneously integrating their fan token into their own loyalty programme and mobile app in the future.
$Spurs tokens are set to be launched on Oct. 4 and will be listed across cryptocurrency exchanges that support Chiliz tokens. Socios users in the United Kingdom can also expect to see disclaimers on fan token offerings from Oct. 8, as the marketing of cryptoasset promotions comes under the auspices of the Financial Conduct Authority (FCA).
This will require stricter rules for advertising as well as a disclaimer warning investors of potential total losses investing in cryptocurrencies or fan tokens.
Manchester City, Arsenal, Aston Villa, Everton, Leeds and Crystal Palace are the other Premier League outfits that manage fan tokens on the platform, with Dreyfus noting that the ongoing cryptocurrency bear market has hindered onboarding of teams over the past year.
Fan tokens have become a significant source of revenue as teams look to leverage digital technologies to drive user engagement. Chiliz estimates that its blockchain platform has handled over $400 million in revenue for teams and leagues since 2018.
Chiliz was originally built as an ERC-20 token ecosystem but shifted onto its own layer-1 blockchain that is a fork of the BNB Chain in May 2023. Operating on a proof-of-stake authority (PoSA) consensus mechanism is touted to deliver shorter block times, reduced fees, and lower energy consumption, while being EVM-compatible allows it to remain compatible with Ethereum development tools.
The International Cricket Council is also looking to leverage blockchain technology to drive fan engagement during the upcoming 2023 Cricket World Cup in India. NEAR Foundation’s blockchain operating system will serve as the backbone for a Web3 fan engagement app during the six week global competition.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
BTC price holds 6% gains as Bitcoin battles for ‘crucial’ $28K support
Bitcoin (BTC) passing $28,000 hints at bullish sentiment, but reclaiming it for good is essential, analysis says.
In an X (formerly Twitter) post on Oct. 17, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, described the $28,000 mark as a “critical milestone” for the BTC price.
Glassnode: “Keep an eye out” for $28,000
After snap volatility, which caused Bitcoin to hit $30,000 for the first time since August, the largest cryptocurrency has managed to preserve some of its gains.
For Allemann and Happel, the pair is now at a defining crossroads.
“The crypto market is hinged on BTC’s ability to breach and consistently maintain a value north of $28k,” part of their commentary stated.
$28,000 has formed a battleground ever since Bitcoin first crossed it in early 2021, and liquidity has traditionally surrounded it as bulls and bears fight to secure control over long-term trajectory.
Data from the trading suite DecenTrader, among others, confirms that the status quo remains despite recent BTC price moves, with $28,000 lying in a zone between major longs and shorts of varying leverage.
“While this pivotal milestone was momentarily attained on futures, the spot market price peaked at $27.98k earlier today. It’s evident just how crucial this price point is in the larger scheme,” Allemann and Happel added.
“The rapid movements and these price thresholds aren’t just numbers. They signify investor sentiment, market dynamics. Keep an eye out for the 28k level.”
Road to Bitcoin halving contested
As Cointelegraph reported, predictions over what the future will bring for Bitcoin both before and after its next block subsidy halving in April 2024 differ considerably.
In an interview last month, DecenTrader co-founder Filbfilb eyed BTC price galvanizing itself for upside during Q4, possibly reaching $46,000 by the halving.
Some well-known market participants, however, remain risk-averse. Among them, popular trader Crypto Tony and others are betting on a pre-halving return to $20,000 for a final local bottom.
“Many can scream they are long right now and caught that move, but if your not taking profit here at resistance your doing something wrong,” he told X subscribers about the recent surge.
“I personally will not be long unless we flip that $28,500 level into support.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Ripple job posting hints at possible IPO, XRP community says
Fintech payments company Ripple released a new job posting on Oct. 16 for a shareholder communications senior manager across multiple locations in and outside the United States. The job posting prompted many crypto enthusiasts to label it as an official hint about the company’s plans to go public.
The job posting outlines that the role will require direct communication with shareholders — a concept generally associated with publicly traded companies. The chosen candidate would be responsible for developing and implementing communication and relationship management strategies for “existing and prospective investors, current shareholders, and financial analysts.”
The job description emphasizes the candidate’s need to create strategic plans specifically suited for situations like “M&A [mergers and acquisitions], investments, liquidity events, and other high-impact moments.“
The role includes creating investor-focused materials like “presentations, fact sheets, case studies, and analyses“ to inform and educate potential investors about the company’s prospects and performance — a necessary component of the initial public offering (IPO) preparation process. The responsibilities of the post also include maintaining a shareholder database and managing routine communications like quarterly updates.
Many XRP (XRP) proponents and the pro-Ripple community on X (formerly Twitter) are referring to the job posting as a hint that there may be an IPO. Some key executives from the company have also alluded to the possibility that Ripple might go public but haven’t given any indication of timing.
Anyone notice the recent job openings at #Ripple?
The only reason you need a Shareholders Communication Manager.. is for an IPO.
— Chad Steingraber (@ChadSteingraber) October 16, 2023
The crypto-focused payments company has recently been in the limelight due to the U.S. Securities and Exchange Commission’s (SEC) lawsuit alleging XRP is a security. Ripple scored a major win in the lawsuit in July when a judge ruled that XRP is not a security in terms of sale on digital asset exchanges.
Key Ripple executives have claimed that even though the SEC lawsuit has cost them many business opportunities in the U.S., most of its remittance business lies outside America.
Banks’ crypto exposure must be disclosed — BIS’ Basel Committee
The Basel Committee on Banking Supervision of the Bank for International Settlements (BIS) released a consultation paper on Oct. 17, proposing to make it compulsory for banks to disclose their crypto exposure.
The Basel Committee comprises central banks and financial authorities from 28 jurisdictions and is a forum for regulatory cooperation on banking supervisory matters. The latest consultation paper is based on the disclosure guidelines in the final prudential standard on how banks should handle their exposure to crypto assets released in December 2022.
The consultation paper aims to set a standardized “disclosure table and set of templates for banks’ crypto-asset exposures,” with a proposed implementation date of Jan. 1, 2025. The Basel Committee has opened the proposal for public comment until Jan. 31, 2024, after which the results will be published on its website.
Under the new proposed regulations, banks would be required to provide quantitative data on exposures to crypto assets and the corresponding capital and liquidity requirements. Banks would also be required to offer qualitative data on their activities linked to cryptocurrencies.
Additionally, banks would be required to offer information on the accounting classifications of their exposure to crypto assets and liabilities. In its proposal, the committee claimed that using a uniform disclosure format will encourage the application of market discipline and lessen information asymmetry between banks and market participants.
The committee also reviewed crypto assets and bank exposure in June. At the time, the committee didn’t delve deeply into the topic, mentioning only that it was focusing on permissionless blockchains and the eligibility criteria for “Group 1” stablecoins.
The BIS has been actively involved in crypto consultations and examining the regulatory aspect of decentralized technology. Recently, the BIS and a handful of European central banks published details of a concept to develop a system to track international flows of cryptocurrencies.
- Forex1 year ago
Forex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
- Forex1 year ago
Unbiased review of Pocket Option broker
- Forex1 year ago
How is the Australian dollar doing today?
- World1 year ago
Why are modern video games an art form?
- Cryptocurrency1 year ago
What happened in the crypto market – current events today
- Forex1 year ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985
- Stock Markets1 year ago
Morgan Stanley: bear market rally to continue
- Stock Markets11 months ago
Amazon layoffs news: company announces record layoffs