Premier League giants Manchester City are the latest football club to step into the cryptocurrency arena after teaming up with Socios.com to launch the $CITY fan token.
The fan engagement and rewards mobile app, built on the Chiliz blockchain, will allow Manchester City supporters across the world to use fan tokens to access VIP rewards, club promotions, games, AR-enabled features and voting rights in certain binding and non-binding club polls on Socios.com.
The launch of the $CITY Fan Token also creates a new layer of digital engagement for the Premier League runaway leaders who sit 14 points clear of local rivals Manchester United.
The four-time Premier League champions join an elite selection of big-name football clubs to enter crypto. Rangers adopted Bitci last month in the wake of AC Milan announcing they had raised more than €5 million with the launch of a fan token.
A raft of other clubs such as FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Atlético de Madrid, Galatasaray and Trabzonspor have also reported impressive returns on their fledgling crypto projects.
“We are very proud to have Manchester City to launch our first fan token in the UK and even more excited with the other teams that are lined up,” Alexandre Dreyfus, CEO of Chiliz and Socios.com said.
“We are building a multi-billion dollar digital asset ecosystem and the more teams we onboard, the more teams can be creative and innovative globally.”
Mr Dreyfus suggested that, while football fan tokens are still in their infancy, there was clear worldwide appeal.
Manchester City bosses have hailed the move as a real opportunity to engage with a global fanbase.
“We are excited to launch the new Manchester City Fan Token, which will provide another opportunity for our fans all over the world to get even closer to the club they love,” said Stephan Cieplik, Senior Vice President of Global Partnerships Sales, City Football Group.
“Fans will have access to fantastic competitions and VIP experiences and be able to vote on club initiatives.”
The club also revealed that existing members of its free Cityzen membership scheme will each receive a $CITY token.
The Manchester City fan token is available to purchase via the Socios.com app. Registered Cityzens will receive an offer to claim their free token through a voucher code in due course.