Fenerbahçe Due south.1000., one of the 3 biggest sports clubs in Turkey, issued its own fan token on the Ethereum blockchain through a new partnership with local crypto exchange Paribu. The initial presale of 500,000 unlocked tokens was completed on Monday, netting the gild 15 meg Turkish lira ($1.75 million) in 30 seconds.

The club announced that the Fenerbahçe Token would take a maximum supply of 190,700,000 tokens in reference to 1907, the year Fenerbahçe was established. Co-ordinate to the project's white paper, a total of 117 million treasure tokens wil be created on smart contracts over the next 25 years on a yearly footing.

Fenerbahçe too included a roadmap for the token burn that volition be triggered past the guild'southward achievements in soccer, basketball or volleyball. The white newspaper also noted that at that place will be token burns in the issue of a victory, championship or achievement in Europe.

Noting the dismal land of soccer amongst the coronavirus pandemic, Fenerbahçe president Ali Koç said that the sports manufacture has to seek new revenue streams. He stated that being active in the crypto assets business is an important item in the order'south agenda.

Koç explained that Fenerbahçe met with 12 companies, both local and international, earlier issuing a fan token. After evaluating several criteria such equally the potential of a token listing, user base and technical infrastructure, the order picked Paribu equally the technology partner for Fenerbahçe Token.

Speaking about the deal between two parties, Koç said, "It's not a sponsorship deal. It's a 25-year-long business organization partnership."

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Paribu CEO Yasin Oral said that due to Fenerbahçe Token beingness issued as an ERC-20 token on the Ethereum blockchain, it would be possible to listing information technology on global platforms in the futurity.

Fenerbahçe is a rather late improver to the fan token hype in Turkey. Several sports clubs in the country take already issued fan tokens. More recently, the Turkish Union of Clubs, an association of clubs playing in Turkey'southward chief soccer league Süper Lig, has partnered with Socios.com to explore digital revenue models.