After signing some of the world’s largest sporting franchises to its blockchain-powered platform for engaging with fans, Socios.com is now partnering with Checkout.com to manage, process, and support its complex payment needs around the world.
As a direct-to-consumer (D2C) platform with over 1.2 million users, Socios.com counts many of the world’s biggest names in football, basketball, ice hockey, motorsports, cricket, MMA and esports as customers. The company enables clubs such as FC Barcelona, Manchester City and Arsenal to revolutionise the way they interact with hundreds of millions of fans by offering fan tokens— collectible digital assets minted on the Chiliz blockchain that 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, 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.
“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,” said Béatrice Collet, head of operational business development and global payments at Socios.com. “Tokens are viewed as a source of new revenue for clubs—this year we’ve generated more than $150 million for our partner clubs.”
Managing the infrastructure for this process globally is complex, which is why Socios.com turned to one of the world’s leading payment providers, Checkout.com, for a solution.
“We have a complete suite of payment methods that lower the barrier to entry for millions of sports fans looking to acquire fan tokens,” explained Max Rothman, head of digital assets & currencies at Checkout.com. “Our substantial domain expertise in cryptocurrency and blockchain technology supports the payments needs for companies operating in this space. We can ensure Socios.com maximises acceptance rates, enabling fans to join the Chiliz ecosystem and feel closer to the teams they love.”
In the near future 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 alone, the company has signed significant franchises including the National Basketball League. It also caters to the increasing popularity of football in Asia and basketball in China.
“We welcome Checkout.com as a global payments partner that can support us thanks to their extensive international footprint. They understand our business model and are helping us to deliver on our ambitious growth plans around the world,” added Collet.
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