Socios boosts fan token system with Checkout.com

Socios.com has brought in Checkout.com to manage, process and support its complex payment needs around the world.

It comes after Socios.com has signed up some of the world’s largest sporting franchises to its blockchain-powered platform for engaging with fans.

As a direct-to-consumer system with over 1.2 million users, Socios.com counts big names in football, basketball, ice hockey, motorsports, cricket, MMA and esports as customers. The company, for instance, enables clubs such as FC Barcelona, Manchester City and Arsenal to revolutionise the way they interact with millions of fans by offering fan tokens.

These collectible digital assets, minted on the Chiliz blockchain, gives holders a variety of perks, like voting on club decisions, rewards, merchandise and other experiences.

Fan tokens are purchased using the Chiliz ($CHZ) digital currency, which can be purchased on the Socios.com app or via cryptocurrency exchanges such as Binance or Coinbase, etc.

The tokens are specific to a team or club, and fans use the Socios.com mobile app to vote in polls and access their other perks. The more tokens a fan holds, and the more they vote, the higher they move up through different reward tiers.

Béatrice Collet, head of operational business development and global payments at Socios.com, said: “Fan tokens are an exciting way for sports teams to transform the way they interact with their fans. This has become increasingly important over the past 18 months with people unable to attend sports events and needing new ways to stay connected to their teams.

“Tokens are viewed as a source of new revenue for clubs - we generated almost $200 million for our partner clubs in 2021 alone.”

Managing the infrastructure for this process globally is complex, which is why Socios.com turned to payment provider Checkout.com.

“We have a complete suite of payment methods that lower the barrier to entry for sports fans looking to acquire tokens,” said Max Rothman, head of digital assets and currencies at Checkout.com. “We can ensure Socios.com maximises acceptance rates, enabling fans to join the Chiliz ecosystem.”

Socios.com plans to expand its existing presence in Europe and grow its operations in the US, South America and Asia. In the US, over the past few months, the company has signed significant franchises, including the National Basketball League.

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