Top Soccer Club FC Barcelona Launching Crypto Token for Fan Engagement

The record-breaking FC Barcelona soccer club teamed with blockchain firm Chiliz to launch a crypto token to create greater engagement with fans.

AccessTimeIconFeb 13, 2020 at 9:21 a.m. UTC
Updated Sep 13, 2021 at 12:17 p.m. UTC

Record-breaking Catalan soccer club FC Barcelona (often called Barça) has launched a crypto token seeking greater engagement with fans.

Created in partnership with blockchain firm Chiliz, the Barça Fan Tokens ($BAR) will be used to allow fans to vote in polls and surveys on Chiliz' mobile app, Socios.com.

Barça has one of the largest supporter bases globally and is the richest soccer club by revenue. Unusually, it's in part managed by a group of paying supporters called socios, who take part in elections for the president and the board. The team has achieved a record-breaking 74 trophies in its home nation of Spain.

"With over 300 million fans worldwide, Barça's fandom spans countries as well as cultures," according to Alexandre Dreyfus, Chiliz and Socios CEO and founder. "The club is without a doubt the most renowned and the most supported football club in the world and we can't wait to see their fans start to influence club decisions."

In an announcement Thursday, Chiliz said supporters interacting with the club via its app will be rewarded with points that can be swapped for merchandise and club experiences. Other features are planned for token holders, including chat, token trading, games and more.

CoinDesk - Unknown

Josep Pont (left) and Alexandre Dreyfus (right) at the signing of the official agreement in Barcelona. Courtesy of the companies

Forty million of the club's new token will go on sale in Q2 2020 at a cost of €2 (US$2.18). To get their $BARs, fans will need first to own Chiliz' $CHZ token, which is available from a number of exchanges worldwide, according to the firm.

The move into the blockchain space comes as part of Barcelona's global expansion strategy as it seeks new digital means to build fan engagement.

"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," said Josep Pont, FC Barcelona board member and head of commercial area, in the announcement.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
CoinShares Completes Napoleon Acquisition, Can Now Offer Products Across EU

The acquisition of Napoleon Asset Management was subject to approval by the AMF, which was granted on June 28.

CoinDesk - Unknown
2
CoinDesk - Unknown
Coinbase Says Miners’ Sales of Newly Minted Bitcoins Don’t Add Significant Market Pressure

If all newly issued bitcoin were immediately sold onto the market each day, it would equate to only 900 BTC of selling pressure, the report said.

CoinDesk - Unknown
3
CoinDesk - Unknown
WonderFi Closes Acquisition of Crypto Trading Platform Coinberry

The Canadian crypto firm says it's open to more deals for firms hit by the crypto winter.

CoinDesk - Unknown
4
CoinDesk - Unknown
Crypto Lender Celsius Cuts 150 Jobs Amid Restructuring: Report

Withdrawals are still paused and the company has hired restructuring experts as it faces a financial crisis.

CoinDesk - Unknown