Premier League set to Investigate Crypto Ties
Of recent, there has been an increase in the number of partnerships between English Premier League football clubs and cryptocurrency companies. Although, these partnerships are inevitable and good for cryptocurrency in general, the authorities of the English Premier League have some fears.
We always knew that a time will come when big industries like the football industry will have to adopt cryptocurrency. And that time is here looking at how high crypto is being welcomed by football clubs.
In a very recent news, it was reported that the Premier League is set to investigate the increasing partnerships between its clubs and cryptocurrency companies. The major partnerships with English Premier League clubs are seen with Socios ($CHZ) project.
Socios is the creator of Fan Tokens and under this umbrella, it has partnered with many football clubs across major football leagues. In the English Premier League, it has partnered with over 5 clubs including; Arsenal FC, Manchester City, Aston Villa, Leeds United and Watford FC. In consequence, all these clubs have their respective Fan tokens which are equally trading on crypto exchanges.
Fan tokens are means by which fans of certain clubs get to have a say in some decisions of a certain club. With fan tokens, one can vote on issues like, jersey designs, marching in songs and the likes. Some of these fan tokens are equally doing well on crypto exchanges. It's equally a way for football and club supporters to invest and make profits.
However, the English Premier League authorities are worried sick over the fact that crypto lacks a good level of regulations. Also, they are afraid that fans be may be forced to invest in fan tokens that may not end up doing well in the market. The investigation is to ensure that partnerships are being entered into with good and reputable crypto companies.
On the other, according to news, the English Premier League is considering a partnership with an NFT platform. This is in view of creating digital sports memorabilia. On the whole, it's great to see cryptocurrency invading the football space.
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