Racing sports are becoming more and more crypto-friendly to accept tokens. Formula 1 racing teams Aston Martin and Alfa Romeo are reportedly the first F1 teams to issue crypto tokens for fans on the Socios.com platform.
Two sources reported that tokens are being provided to fans by Socios and will be purchased using CHZ, which will start trading next Thursday. Token holders can exercise their voting rights, earn additional VIP rewards and receive exclusive promotions. Plus, it’s just like other similar tokens. These coins are accepted for trading on the crypto exchanges.
Also, racing teams can benefit from a percentage of commissions by selling each token, with an additional portion of the trading fees generated by the crypto exchanges such as: Binance.
Alfa Romeo Team Principal Fred Vasseur welcomed the fan tokens. He believed these tokens provide an opportunity for teams to work with their dead heart fans and provide good sources of income for these teams to enroll.
Starting a Fan Token gives our growing legion of fans a new way to interact with the team. This is an important part of our quest to bring our followers closer to the team with everything we do.
Jefferson Slack, the commercial director of Aston Martin, was also happy about the fan token for the team. “This gives us the best possible opportunity to give our fans a seat at the table and help us tell our story in a new and exciting way.” Slack said.
The fan tokens are unique in that each team can only offer a limited supply that is fungible and will not expire. Supporters can exchange ideas and act freely.
Regarding the link between crypto and racing, Crypto.com, a Hong Kong-based crypto exchange platform, announced early that the company is officially sealing its partnership with Aston Martin, the first cryptocurrency platform to work with the F1 team .
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