Fan Token Platform Socios Secures Key Regulatory License

Socios.com, a blockchain startup aiming to tokenize the sports industry, has secured a major regulatory license allowing it to issue its own payments and loyalty card.

Issued by the Estonian Financial Intelligence Unit, or FIU, the new license has been granted to the new Estonia-based entity called Socios Entertainment OU. Announcing the news on July 30, Socios’ partner project Chiliz.net noted that the FIU is the responsible authority for licensing crypto-related firms in the country.

Socios’ prepaid fiat-crypto card is “due in the very near future”

The new license allows Socios to provide virtual currency and fiat exchange services and crypto wallet custody. Valid for an unlimited period of time starting from July 29, the license unlocks some important long-term development opportunities for Socios and Chiliz.

According to the announcement, the license will be crucial for the Socios.com payments and loyalty card. Powered by a “world-leading payment provider,” the upcoming card is “due in the very near future,” Chiliz noted. Socios initially released details about its prepaid fiat-crypto card in February 2020.

Alongside significantly extending Socios’ services, the new license powers further strategic growth, enabling a new tech hotspot in Europe. As such, Socios has just appointed former head of payments at gaming firm The Coingaming Group, Jan Stupka, as its new Estonia-based director. Stupka previously worked at senior positions with Czech bank CSOB Group and leading sports betting companies GVC and Tipsport.

Chiliz and Socios have recently emerged as major global platforms for fan tokens’ design and trading. In June 2020, Spanish soccer giant FC Barcelona launched its first FC Barcelona Fan Tokens through Chiliz and Socios, selling $1.3 million of tokens in less than two hours.