Fatfish is helping launch ‘the world’s first blockchain based football club stock exchange’
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Cryptocurrency miner Fatfish Internet Group is helping develop blockchain solutions for a football fan club called the “London Football Exchange”.
The London Football Exchange (LFE) describes itself as “a global movement to create the ultimate sport community where fans partake in exclusive club and fan experiences” related to European soccer.
Next month the venture plans to launch an “Initial Token Offering” to sell LFE Tokens which can be redeemed for “football-related services, merchandise, events or unique VIP experiences”.
The venture has yet to announce any participating football clubs.
Fatfish (ASX:FFG) told investors on Tuesday it had been appointed the project’s blockchain advisor in Asia.
Blockchain technology, which provides an encrypted, public ledger of transactions, is best known as the basis of cryptocurrencies such as bitcoin and Ethereum. But it has other potential applications such as enforcing digital contracts, securing public records or regulating online voting.
Fatfish will help develop underlying technologies for the LFE platform and market the service in Asia.
In exchange Fatfish will be paid in Ethereum tokens and the project’s proposed LFE tokens.
Fatfish shares climbed 13 per cent to close at 6.2c on Tuesday.
The project also plans to allow fans to trade tokens attached to individual football clubs.
Fans would be able to build a portfolio of club tokens in the same way they do on the stock market, Fatfish chief Kin Wai Lau told Stockhead.
“It’s like trading football club cards, except the value extends to a real instrument,” Mr Lau said.
“There will be diehard fans who will buy into their clubs no matter what, and those who try to experiment in trading to build a portfolio of football clubs.”
The LFE tokens — created by US blockchain and regtech innovator Seccurence Inc — are also intended for use in ticketing and to make purchases at games.
The LFE token sale is capped at 4 billion — with 2.4 billion to be sold in an Initial Token Offering at US20c apiece — equating to some $US350 million ($449 million).
A pre-sale closed last month. A public sale is planned to continue into July.
Mr Lau said English football clubs were expected to participate in the platform, though none had yet been announced.
LFE’s twitter has hinted at which club might be involved — dropping clues that their jersey is green and white, they have had four names and four of their players are from Portugal.
Here’s our next clue! Think you‘ve figured it out yet? Post the name of the club you think is next to join the #LFE in our Telegram group & be in with the chance of winning 1000 tokens! https://t.co/FY6uAhToZF #LFEmarket #LFEtoken #crypto #blockchain pic.twitter.com/0xyYdJV6vL
— London Football Exchange (@LFEmarket) March 5, 2018
Mr Lau said Asia was key for the success of the venture. As much as half of the English Premier League’s fan-base was Asian, he said.
The news comes as another Fatfish investment, Kryptos-X, gets ready to launch an online virtual currency exchange.
Kryptos-X was founded by Australian entrepreneur Tony Mackay and is based in Singapore.
In November, Fatfish said it would buy 27 per cent of the company for $1 million, a deal completed last month.