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Benfica to sign up with crypto trend with Socios

Soccer Football – Champions League – Round of 16 Second Leg – Ajax Amsterdam v Benfica – Johan Cruijff Arena, Amsterdam, Netherlands – March 15, 2022 Benfica’s Darwin Nunez commemorates scoring their very first objective REUTERS/Piroschka Van De Wouw/

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LISBON, June 7 (Reuters) – Portugal’s greatest soccer club, Benfica, will end up being the nation’s very first to sign up with the crypto trend, partnering with blockchain-powered fan engagement company Socios.com to release a fan token, the club revealed on Tuesday.

” We have actually been paying really very close attention to Digital Assets,” SL Benfica CEO Domingos Soares de Oliveira stated in a declaration provided by Socios.com.

” It’s a market which has actually been prominent in our market of late. Benfica is continuously concentrated on looking for and providing a favorable experience to our fanbase. We are pleased to be partnering with Socios”.

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Fan tokens are a kind of cryptocurrency that permit holders to vote on mainly small choices associated with their clubs.

They are progressively seen by clubs as a source of brand-new profits. Socios.com, which supplies such tokens for Manchester City, Barcelona, Paris St Germain and other leading clubs, states they created almost $200 million for its partner clubs in 2021.

Like bitcoin and other digital currencies, fan tokens can be traded on exchanges. They likewise show other cryptocurrencies a propensity for wild cost swings.

Some regulators have actually provided cautions to financiers about digital properties.

Still, numerous prominent company and home entertainment figures have actually backed crypto properties, with Tesla manager Elon Musk, Twitter creator Jack Dorsey and rap artist Jay-Z amongst those to have actually revealed assistance for bitcoin.

Soccer star Lionel Messi signed a contract worth more than $20 million in March to promote Socios.com after the two-year agreement he signed with PSG in August 2021 consisted of a few of the French club’s cryptocurrency fan tokens in a “welcome bundle”.

The Argentinian ended up being just the current worldwide sports character to get in the crypto world, following NFL quarterback Tom Brady and NBA star LeBron James. Messi’s offer belonged to a growing wave of tie-ups in between crypto companies and soccer.

Benfica provided their worst monetary outcomes of the past 11 years for the 2020-21 season, with losses of 17.4 million euros due to the effect of the COVID-19 pandemic.

Not even the return of fans to the arenas has actually stabilized the numbers. In March, the club revealed losses of 31.7 million euros in the very first half of the 2021-22 season.

In July 2021, Benfica President Luis Filipe Vieira was apprehended as part of an examination into supposed tax scams and cash laundering. Benfica SAD shares dropped after the news.

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Reporting by Fernando Kallas; Editing by Bradley Perrett

Our Standards: The Thomson Reuters Trust Principles.

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