Paris Saint-Germain becomes a validator on Chiliz

Le Paris Saint-Germain is now validator on the blockchain Chilizwhich is also getting a facelift. The soccer club undertakes to invest visit revenues related in its own Fan Tokens.

This Thursday, fan token platform Chiliz announced that Paris Saint-Germain was the first club to become a node validator on its blockchain.

‘As part of this partnership, the club will play an active role in the Chiliz chain as an official blockchain validator – an essential component of a blockchain network, helping to ensure its security, accuracy and reliability,’ Chiliz wrote in a statement.

PSG initially partnered with Chiliz in 2018 to issue digital tokens to its fans. As part of its new role as validator, the club is committed to using 100% of revenues to make $PSG token redemptions on the public markets.

“The buyback program has a dual purpose: it ensures that a significant portion of club validator revenues, via gas fees and supply inflation, is reinvested in the PSG Fan Token offering. It also enables PSG to regularly refresh its Fan Token reserves”, explained Chiliz.

Today’s announcement comes as the platform edited by startup Socios has just updated the tokenomics of its blockchain Chiliz Chain launched in early 2023.

The update includes a new inflationary staking rewards mechanism allowing CHZ token holders to receive rewards, as well as a new transaction fee burn system.

By becoming a validator on the Chiliz channel, we’re not just embracing the future of web3 sports; we’re actively designing it so that we can have a more direct relationship with our fans through Web3 experiences’, enthused Pär Helgosson, Web3 manager at Paris Saint-Germain.

This summer, the French club is also planning to organize the first blockchain hackathon with Chiliz at the Parc Des Princes.

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