Binance Launches Fan Token Platform, Kicks Off With Lazio Rome

Binance turns to fan tokens

Clearly, the gap between the world of sport and cryptocurrencies is getting thinner and thinner. For several months, trade relations between the two sectors have been accumulating. On the one hand, the FTX platform is forging a plethora of partnerships with behemoths such as the UFC, Major League Baseball (MLB) or Riot Games with regard to e-sport.

On the other hand, the Binance platform has just hit hard by launching a new entity entirely dedicated to fan tokens: Binance Fan Token. Binance is touting this new product as “the ultimate one-stop-shop for fans of all walks of life.”

Fan tokens, popularized by the startup Socios.com, fuel the fan experience by increasing the potential interactions with what they support. In its press release, Binance insists precisely on the plurality of use cases for these tokens. Owning and using fan tokens issued by Binance will:

Support teams and collect exclusive NFTs; Influence certain club decisions through polls; Unlock fan badges for special rewards; Enjoy unique experiences and autographed products.

Note that all tokens that will be issued from this platform will work on Binance Smart Chain (BSC), Binance’s home blockchain.

A partnership with Lazio Rome

For the launch of its new platform, Binance has offered itself a multi-year partnership agreement with Lazio Rome, a famous Italian football club. Binance thus becomes the new main sponsor of the club’s jersey for a period of 2 years with an optional 3rd year.

According to a statement from the club, Binance would have spent more than 35 million dollars for this sponsorship.

“We are very satisfied with this new international collaboration,” commented Lazio President Claudio Lotito. “This partnership with Binance will allow us to expand our digital presence and connect with fans around the world like never before.”

In addition, Binance is organizing the 1st Initial Exchange Offering (IEO) dedicated to a fan token, starting of course with the LAZIO token. The sale takes place on the platform’s Launchpad, and is already accessible.

Those who have BNB in ​​their portfolios can thus participate in the sale, and the allocation of LAZIO tokens will be based on the average amount of BNB held over a period of 7 days.

In total, 40 million LAZIO tokens will be issued, and 4 million are reserved for this public sale. The initial cost of a LAZIO token is equivalent to $ 1, and each user will be able to allocate a maximum of the equivalent of $ 20,000 to the sale.

Binance ensures that many entities will soon join the ranks of its new platform, in particular by offering new tokens. It is highly likely that Binance is not content with just the world of football. The company could in particular move closer to e-sport, like some of its competitors.

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About the author: Clément Wardzala

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Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have endeavored to share qualitative content so that the sector is democratized among everyone.
All articles by Clément Wardzala.

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