FC Barcelona has announced plans to create a new cryptocurrency to help the club’s finances. Joan Laporta, the president, made the news during the Mobile World Congress 2022 in Catalan.
The token, according to Laporta, is Barca’s way of getting money and competing against other clubs controlled by foreign investors and corporations. While the concept of a fan token isn’t new, Barcelona might be the first football team to launch its own cryptocurrency. The club, however, does not want to stop there; the president has mentioned the prospect of expanding its Metaverse and NFT.
The club’s crypto ambitions, according to Laporta, are the reason for its refusal of sponsorship from crypto companies. This is in response to Barcelona’s rejection of Polkadot and Binance’s sponsorship offers. Instead, it chose to collaborate with Spotify, the world’s largest streaming service.
While Barcelona may be considering a single token, a number of other football clubs around Europe have already developed fan tokens in collaboration with blockchain networks.