English Premier League club Tottenham Hotspur announced its intention to issue a fan token (SPURS) on the Chiliz Chain with the aim of providing supporters with new engagement avenues and access to exclusive rewards and experiences.

The SPURS token will be available via Socios.com, a prominent fan engagement and rewards platform. Utilizing Chiliz (CHZ) Chain, a SportFi network with over two million users, the SPURS Fan Token will allow Tottenham Hotspur to join an extensive roster of approximately 80 sports teams that already employ Chiliz Chain to reach their global fan bases.

Tottenham currently partners with MatchWornShirt, whose auctions are authenticated on Chiliz Chain, bolstering the chain’s credibility and wide usage. Furthermore, $SPURS holders will be eligible to participate in on-chain voting, thus promoting active fan participation.

Chiliz Chain, a platform specifically designed to cater to the sports industry’s needs, will facilitate the functioning of the Spurs Fan Token. The chain boasts over two million user wallets and a daily user volume exceeding 60,000, highlighting its extensive reach and reliability. Since its inception in 2018, the Chiliz blockchain platform has reportedly generated over $400M in revenue for teams and leagues.

Ryan Norys, Commercial Sales Director at Tottenham Hotspur, said:

“Our Fan Token will supplement the benefits of our current membership scheme. This partnership also illustrates the club’s ongoing efforts to generate additional recurring revenue sources for reinvestment in our football activities.”

The SPURS tokens will debut in a Fan Token Offering (FTO) on October 4, 2023. Following the FTO, SPURS will be listed on major global exchanges, expanding its accessibility to fans across various strategic markets, including Asia.

New rules

SPURS is launching as new Financial Conduct Authority (FCA) regulations are set to take effect in the United Kingdom. In the future, FCA regulations of crypto asset marketing will require projects to include plainspoken risk disclosures in all marketing materials. On its website, the FCA recommended the following language for all crypto assets promoted in the UK:  “Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.”

The post Tottenham Hotspur Football Club announces Fan Token on Chiliz Chain, joining 80 other teams appeared first on CryptoSlate.

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