Cryptocurrency is creeping into every industry in the world and as a result, “The Beautiful Game” is following suit by launching the world’s first football cryptocurrency.
Blockchain technology is set to transcend the entire industry as the London Football Exchange (LFE) announced its intention to launch its own crypto platform. This will be a historical technological advance for the sport, which is estimated to have four billion fans worldwide.
This is a blockchain-based-loyalty platform that rewards fans; it allows them to take part in almost every aspect of the match day experience from tickets, tours, and player meet-and-greets, to specific merchandise and third-party partner offers.
For the soccer cryptocurrency platform, LFE plans to use the Ripple and Stellar networks to support token issuance. Trades and transfers with Bitcoin, Ethereum, and Ripple are accepted as part of the token sale. This will enable fans to gain access to club merchandise and services and to purchase them with LFE tokens from anywhere in the world.
This would help clubs to eliminate the outdated ticketing technology from legacy operators; where they pay commission rates from 5% to 8% based on the tickets sold.
The platform will also look to bring fans together with the business side of the sport. For example, fans can participate in club financing deals and purchase equity in their chosen clubs.
“Our vision is to allow football clubs to take advantage of the token funding economy for their financing needs by providing them with a tokenized financing infrastructure, which involves token design and issuance services,” said Charles Pittar, corporate CEO of LFE.
“The LFE aims to become a ‘one-stop-shop’ for clubs of all sizes to raise capital via equity sales and also offer LFE contributors a wealth of fan experiences and social interaction,” continued Pittar. “We expect the clubs to benefit from this brand association and the fact that this global exposure will encourage fans from farther afield to build a portfolio of clubs in the same way we may buy stocks in London, New York, and Tokyo.”
As part of its initial token offering, LFE will generate a total of 4 billion tokens, with 2.4 billion tokens made available for general sale. Each token will be priced at 20 cents, which would value the fundraising at approximately $350 million. The token pre-sales will run from now to February 11, with the public sale taking place directly afterward until May 20.
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