The sports app Socios.com expands to Italy.
Socios.com, a blockchain-based sports app established in 2006, has received Organismo Agenti e Mediatori (OAM) approval to provide virtual currencies and digital wallet services in the country.
According to the press release shared on August 18th, the registration will allow the company to grow and expand in the region, providing sports and entertainment offers.
In a nutshell, Socios.com allows sports clubs to give fans rewards for supporting the team or participating in various events. Users who own Fan Tokens can join fan communities, engage in original content, and participate in club-related decision-making.
When talking about the expansion in Italy, CEO of Socios.com Alexandre Dreyfus noted:
Approval from the OAM is a crucial part of our efforts to protect consumers and continue building our offer in the region. Italy is a very important market for us in which we already have a strong presence. We are committed to building lasting growth in the region and will continue working with regulators to guarantee legitimacy and trust for our Italian customers.
It is worth mentioning that the company has already partnered with famous Italian football clubs, including Juventus, AC Milan, Napoli, and AS Roma.
It seems that the regulatory approval has been a great hit among football-related token fans. According to the data, after the news broke, various Fan Tokens started growing in value rapidly. Comparing August 17th and August 18th, the Santos FC token has grown by 150% and reached the price of $15. FC Barcelona, Paris Saint-Germain, and Juventus tokens grew by around 23-29%.
The rise didn’t last long. On August 19th, FC Barcelona’s token dropped 5,6%, whereas Paris Saint-Germain’s token price fell by 7%. However, it hasn’t reached its previous lows. The Socios.com CEO commented on such a phenomenon by saying:
Regulation builds consumer confidence. Fan tokens as a very powerful digital asset class in their own right [are] growing, and with increased confidence and visibility comes increased demand.
In other news, Australian Football League has rolled out its limited edition non-fungible tokens (NFTs).
This article was originally published in Bitdegree and can be viewed here: