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Manchester City join Barcelona, Juventus in cryptocurrency business, create tokens

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The English Premier League side, Manchester City, on Friday joined the league of European football teams with investment in cryptocurrency.

The Etihad side stepped off the field and dived into cryptocurrency business by launching its digital tokens.

The development makes the six-time English champions the first EPL side to join the growing cryptocurrency market.

Several Italian, Spanish and French clubs including Juventus, AS Roma, AC Milan, FC Barcelona, Atlético de Madrid, and Paris Saint-Germain have launched their digital assets.

PSG, Barcelona, AC Milan, and Juventus fan tokens currently worth $400 million.

The club has now created the City Tokens that will enable fans to obtain VIP rewards and have access to voting rights.

READ ALSO: SEC, CBN to collaborate in regulating cryptocurrency market

The City Token is partnered with Chiliz and Socios.com, both of which have deals with the aforementioned clubs.

The Chief Executive Officer of Chiliz and Socios.com, Alexandre Dreyfus, who spoke on the initiative in a statement on Manchester City’s website, said: “City had proven they are ahead of the pack in embracing innovation and will enhance that status further through the $CITY Fan Token

“Socios.com and $CITY Fan Tokens will be hugely complementary to City’s global approach, providing fans around the world with unprecedented engagement opportunities, as well as unique digital, and – once restrictions are lifted – real-life rewards and experiences.”

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