UEFA onboards Socios as official fan token partner in multi-year deal

UEFA, or Union of European Football Associations, has signed a three-year contract with fan token platform Socios.com, making it the first official fan token partner of the organization. In addition, it will also be the regional sponsor of UEFA’s most prestigious competition, the UEFA Champions League, and the UEFA Super Cup.

Announcing the deal on Tuesday, Socios.com will issue fan tokens of the UEFA’s Champions League, Europa League, Europa Conference League, and Super Cup. The financial terms of the deal were not disclosed.

Socios.com is currently the largest provider of crypto fan tokens, providing its services to more than 53 football clubs across the world. Overall, the company has more than 120 partners across hockey, American football, basketball, and other professional sports under its belt.

Meanwhile, some of the European football fans were not too thrilled with the deal. Football Supporters Europe (FSE), a football fan network, criticized UEFA for exposing its fans to “crypto-mercenaries.” In a scathing series of tweets, FSE wrote:

“UEFA’s entry into the unregulated “fan token” market threatens the basic principles of fan engagement in Europe. It is a clear attempt to monetise football’s responsibility to properly engage with representative fans’ groups & their concerns.”

“The vast majority of Socios investors who hold “fan tokens” are crypto-speculators, not football fans,” the fan group further wrote.

Governing bodies have a duty to protect the integrity & sustainability of football & everyone associated w/ it.

There are countless ways to properly engage w/ fans. Encouraging fans to invest in “fan tokens” isn’t 1 of them. They only serve the interests of those selling them.

— FSE – Football Supporters Europe (@FansEurope) February 15, 2022

The post UEFA onboards Socios as official fan token partner in multi-year deal appeared first on Our Bitcoin News.