Paris-Saint Germain: the first football team to validate a blockchain

Paris-Saint Germain has declared that it will become the first football team to validate a blockchain. The French club is thus a validator of the Chiliz Chain hosting the PSG Fan Tokens. 

Paris-Saint Germain: the first football team to become a validator of a blockchain

Paris-Saint Germain will become the first football team (as well as sports club) to be an official validator of a blockchain. 

Specifically, the French football giant will validate the network Chiliz Chain, which hosts the PSG Fan Tokens. Here’s Chiliz’s announcement on X:

“We are excited to announce that @PSG_inside is collaborating with Chiliz to become the first sports club to validate a blockchain. Paris Saint-Germain is committed to reinvesting all validator revenues in repurchasing PSG fan tokens.”

Not only that, Paris Saint-Germain is committed to reinvesting all revenues from the validator in repurchasing PSG Fan Tokens, promoting a self-sustaining digital economy for the benefit of all participants.

This entry of PSG as an official validator of a blockchain, marks a significant milestone for the integration of Web3 in sports. 

By becoming an official validator of Chiliz Chain, PSG represents an essential component of a blockchain network that helps ensure security, accuracy, and reliability.

Paris-Saint Germain official validator of the Chiliz Chain blockchain

Chiliz Chain therefore welcomes Paris Saint-Germain on board as a validator of its blockchain. This means that the French football giant will participate both in the simple issuance of tokens and in the decision-making process within the Chiliz ecosystem. 

Currently, Chiliz is based on its solid $1 billion SportFi ecosystem, full of crypto-native sports enthusiasts and its advanced infrastructure. Not only that, Chiliz is the launchpad for over 50 Web3 projects already.

PSG also joins the new Chiliz tokenomics model which includes a new inflation reward mechanism, allowing CHZ token holders to receive rewards. 

In this regard, Paris Saint-Germain has committed to using 100% of its earnings as a node validator on the Chiliz Chain to conduct regular buybacks of $PSG Fan Tokens from the public market. 

Pär Helgosson, Head of Web3 at Paris Saint-Germain, said: 

“By becoming a validator of the Chiliz Chain, we are not only embracing the future of web3 sports; we are actively designing it so that we can have a more direct relationship with our fans through web3 experiences. We will optimize our future commitments to achieve network effects, amplifying the value and revenues that each stakeholder can generate and experience in this new digital economy. Our commitment is to build a more powerful and sustainable web3 ecosystem, leveraging the strong foundations of our existing relationship with Socios and Chiliz. PSG is committed to promoting innovation and the club will continue to develop opportunities with other partners in this space.”

CHZ in pump of +10% in the last 24 hours

The news seems to have been appreciated by investors of Chiliz (CHZ), with the crypto registering a +10% pump in the last 24 hours. 

And indeed, at the time of writing, CHZ is worth 0.1306$, but it has also reached 0.1313$ just a few hours ago. Nothing to do with yesterday’s 0.11$. 

Not only, looking at the weekly chart, CHZ’s price pump was 22%. On the contrary, CHZ hit its annual low during October 2023, at a price of $0.05. 

During that period, CHZ and the Chiliz Chain were added on the well-known crypto-exchange Bitget. One month after this news, the price of CHZ started its bull run up to today.