PSG became the first football club to adopt blockchain
French soccer giants Paris Saint-Germain have confirmed Chiles' ban.
PSG is now the first football club to operate a validator for a cryptocurrency network.
The $PSG Fan Token jumped following the news, with the club set to invest its winnings in a buyback program.
Paris Saint-Germain is now the official network validator for the Chiles chain blockchain, a role that makes the French giants the first football club to actively participate in the running of the blockchain network.
PSG will take on the role as part of its partnership with the Socio.com platform, Chile's team announced on Thursday. This comes as Chiles Chain unveils its updated Tokenomics model, with newly awarded rewards paid out in its native $CHZ token.
“By becoming an authenticator on the Chili's chain, we are not only embracing the future of Web3 Sports. We are actively designing Web3 experiences to have a more direct relationship with our fans,” said Pierre Helgosen, head of Web3 in Paris Saint-Germain.
To start buying back the PSG token
In today's announcement, PSG will use 100% of the funds collected from the Validator Rewards to buy back Fan Tokens. The club executes its buyback program through smart contracts, reinvesting to renew its $PSG token reserves.
In addition to being a blockchain validator, PSG is partnering with Chiles as a co-sponsor of the Hackathon Club Stadium Parc des Princes.
The $PSG Fan Token rallied after the news, rising to $3.88 on February 22. Meanwhile, the Chiles ($CHZ) token also rose to a nine-month high above $0.13. At the time of writing, $PSG traded at $3.68 while $CHZ changed over $0.12.
The Ligue 1 leaders launched the club's Fan Token in September 2018.
