To the joy of football and cryptocurrencies fans, English football club Arsenal recently signed a sponsorship deal to promote a American ICO in front of 60,000 capacity Emirates stadium.
After that, it is London Football Exchange’s (LFE) turn to follow suit. The exchange just announced that they will soon be launching their own cryptocurrency.
The idea is to let football fanatics take part in various club and fan experiences at a reduced cost, including match-day tickets, tours and player meet-and-greets, along with specific merchandise and third-party partner offers – while clubs can benefit from financing opportunities. It will be enabled by LFE Points, a blockchain-based loyalty, rewards and offers platform.
Charles Pittar, CEO of LFE said, “Our vision is to allow football clubs to take advantage of the token funding economy for their financing needs by providing them with a tokenized financing infrastructure, which involves token design and issuance services.”
Discussions with various United Kingdom-based Premier Legaue clubs are already underway as well as other eminent clubs based in the United States of America, Europe and Australia.
As part of the initial token offering LFE, will have a pre-sale running until February 11, and a general sale starting the next day and ending on May 20. The platform will use the Ripple and Stellar networks for supporting token issuance.
A total of four billion tokens will be generated for the initial sale, with 2.4 million available on the market at a price of $0.20 per token. That equates to a total valuation of $350 million — it sounds like a lot, but considering how Manchester United is valued at $2.23 billion, it’s a small amount in the grander scheme.