Italian professional football club Juventus released its own coin Juventus Fan Token (JUV) and now it is available on the sports-focused cryptocurrency exchange.
The token, that was created to enable fans to participate in voting and polling, was listed this week on the Chiliz digital asset exchange, which claims to be the world’s first sports and entertainment exchange platform.
According to the official announcement of Chiliz, the listing of JUV token marks the introduction of a new tradeable class of digital assets. The exchange adds that the price of the asset will be defined by market demand, which rises from factors such as fan sentiments, results, tournament victories and transfer window activity. According to Alexandre Dreyfus, CEO & Founder of Chiliz & Socios.com:
This will be the first crypto exchange that doesn’t focus on traditional crypto products, which means we’re also not in competition with the big crypto exchanges. In launching our own niche exchange, where only Fan Tokens can be traded, we’re also opening a new narrative for media — seeing an instantly recognisable ticker symbol in the exchange and tracking the changes in the index ranking of each team’s crypto asset
The Juventus Fan Token, the first sports token listed on the exchange, was launched at 3 PM (CET). According to the data of CoinGecko, the token is worth $2.59 USD at the moment of publishing. It is not clear yet how many coins are in circulation, however, it is announced that there will be a limited amount of 20 million JUV tokens.
The Singapore-based sports crypto exchange Chiliz has listed Juventus Fan Token (JUV) in collaboration with sport-focused token platform Socios.com. Trading is currently available on Chiliz only, however, the report says live trading will be integrated into Socios.com app in the nearest future.
Socios.com is the world’s first fan voting and rewards mobile application, launched late last year. The app has already partnered with 7 of the top sports teams in the world to bring crypto-powered fan engagement to a mainstream audience.
Reportedly, sports token exchange has made more partnerships with other professional football clubs. According to the announcement, Chiliz exchange will start listing fan tokens for FC Barcelona ($BAR), Paris Saint-Germain ($PSG), Atlético de Madrid ($ATM), A.S. Roma ($ASR), Galatasaray ($GAL) CA Independiente ($IND), as well as esports giant OG ($OG) in the upcoming months. The exchange aims for 50 sports and entertainment collaborations by the end of 2020.