scorecardresearch
Follow Us:
Saturday, September 18, 2021

Lionel Messi’s Paris Saint-Germain package includes crypto fan tokens

Lionel Messi left Barcelona and signed a two-year contract with Paris Saint-Germain (PSG), with an option for a third year, on Tuesday.

By: Reuters |
August 12, 2021 5:12:05 pm
PSG's Lionel Messi poses with a shirt on the pitch after a press conference. (Reuters)

Lionel Messi’s transfer to French club Paris St Germain included a payment in cryptocurrency fan tokens, a source close to the matter said, providing another big name endorsement for new digital assets.

Messi, 34, left La Liga side Barcelona and signed a two-year contract with Paris St Germain (PSG), with an option for a third year, on Tuesday.

Paris St Germain (PSG) said in a statement that the tokens included in his “welcome package”, or signing on fee, had been provided by Socios.com, the club’s fan token provider.

The club did not state what percentage of the deal comprised the tokens but said he had received a “large number”.

It has also not disclosed the overall financial package.

Fan tokens are a type of cryptocurrency that allow holders to vote on mostly minor decisions related to their clubs.

Among the clubs to launch tokens this year are English Premier League champion Manchester City and Italy’s AC Milan.

READ | Messi eyes UEFA Champions League trophy with PSG

Like bitcoin and other digital currencies, fan tokens can be traded on exchanges.

They also share in common with other cryptocurrencies a tendency for wild price swings, leading some financial regulators to issue warnings to investors.

PSG said there had been a high volume of trading of its fan tokens after reports of Messi’s move to the club emerged.

“The hype surrounding the latest signings in the club’s busy summer transfer window created a huge surge of interest in $PSG Fan Tokens, with trading volumes exceeding $1.2 billion in the days preceding the move,” it said.

The fan tokens’ price moves can have little connection to on-field performance or results.

PSG’s token, which has a market capitalisation of about $52 million, soared over 130 per cent in just five days amid speculation over Messi’s arrival to an all-time high of over $60 on Tuesday.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Sports News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
Advertisement
Advertisement
Advertisement
Advertisement