Alexandre Dreyfus, the founder of Socios, sees the recent cryptocurrency as a “necessary evil”

In the interview with BFM Crypto, Alexandre Dreyfus discussed the strategy of his token platform, which has 1.5 million users.

Created in 2018 by the Frenchman Alexandre Dreyfus, the platform for Social tokens allows supporters to make decisions about the lives of clubs thanks to a “fan-token” principle. This principle, invented by Socios, is a mixture of a cryptocurrency and an NFT (non-fungible token). Fan tokens can only be purchased with chiliz cryptocurrency, also created in 2018.

Fan tokens “are fully fungible digital assets that give you voting rights and other fan-centric aids to the various teams that each fan token is associated with,” the company’s website states. “Fan tokens never expire, and since they are fungible, they can be freely exchanged for chiliz on the Socios.com platform and off-platform with any other fan-token exchange provider licensed to operate on Blockchain from Chiliz”, specifies the site.

“The current situation is a necessary evil”

The Chiliz cryptocurrency ranks 68th in the Coinmarketcap rankings, which ranks cryptocurrencies by their capital letters. It weighs to date a capitalization of $ 683 million. According to data from Etherscan, which allows you to view transactions on various blockchains, around 142,000 users hold chiliz. Alexandre Dreyfus claims up to 500,000 or even 1 million holders of this cryptocurrency.

Like many other cryptocurrencies, the price of chiliz was turned upside down by the storm that the ecosystem experienced last week. In particular, it hit the lowest in a month at $ 0.08 on May 12, before rising to around $ 0.11 on Thursday. But we are still far from the last peak reached on March 30, when a chilliz traded at $ 0.29 (ie -62% since then) or from its historic peak of $ 0.64 in April 2021 (-83% since that date).

Last week, the market for cryptocurrency and stablecoin actually experienced severe turbulence, which had short-term consequences, but which also raises long-term questions, particularly about the sector’s resilience.

“The current situation is a necessary evil, there was a lot of money at one time. Me who lived in the 2000s as an entrepreneur: everything went very fast. Today we need to get back to basics a little healthier. We need to have time to build usable projects for the users ”, says Alexandre Dreyfus.

To date, Socio is the partner of more than 60 football clubs, including PSG, Juventus and Manchester City. Specifically, a PSG fan can buy a “PSG fan token” at the current price of 8 euros, which gives him the right to make decisions about the club’s life. Specifically, to make decisions, followers can vote for the Chiliz blockchain, a fantoken equivalent to one vote.

For example, while the celebration of PSG’s tenth championship title takes place on May 21, fans who have acquired fan tokens have been able to provide ideas for the design of the entrance to the stadium or for the use of the music. PSG would have between 30,000 and 50,000 owners of fantokenes, Alexandre Dreyfus told us. “More than 90% of token owners are not in France: it’s the blockchain’s interest that engages fans who are not necessarily in the stadium,” Alexandre Dreyfus emphasizes.

The Socios.com application, launched in November 2019, would therefore have more than more than 1.5 million users, and its boss claims that number has multiplied by 10 in a year. It is users with an account on Socios who can hold fan tokens, but Socios fan tokens are also distributed by other trading platforms such as the giant Binance.

Socios is also facing new competitors: If Binance offers Socios fan tokens, the platform also launched its first fan tokens last year with the football club Lazio Rom and has since gained new partners such as FC Porto or Santos FC. Similarly, the Turkish cryptocurrency exchange Bitci.com is also currently offering dozens of fan tokens.

Partnership with Messi

To date, the Malta-based platform, which has 200 employees, has an Estonian license and permission from the Swiss regulatory authority to operate, allowing it to advertise on television in different countries. Separately, Socios announced on Tuesday that they have signed Lionel Messi as ambassador to represent the brand. But the group wants to go faster.

“We already have almost 40 employees in France, developers, and we continue to invest in France. We will consider registering as a digital asset service provider (PSAN) at some point if we are to develop further in France in terms of for marketing “, entrusts BFM Crypto Alexandre Dreyfus.

Registering as a PSAN in France would both give it greater credibility as a platform in France, but also allow it to advertise (but without applying) to French customers.

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