Sports fan token project Socios announced the launch of an integrated membership and fiat-crypto prepaid debit card.
On Feb. 24 the announcement was made on the crypto prepaid debit card which also provides blockchain-based global ID functionality.
Ahead of the product’s launch, Socios says it is continuing to review several crypto and non-crypto partners before determining who the card issuer will be. Socios CEO Alexandre Dreyfus said the firm had previously been contacted by and been engaging with partner firms of Visa and MasterCard.
Socios runs a crypto fan token ecosystem, which includes a tokenized voting platform and a blockchain-based mobile app. The venture is operated by sports blockchain firm Chiliz, which counts the backing of high profile crypto industry players such as Binance and OK Blockchain Capital.
Tokens ($CHZ) are used to drive fan engagement by conferring voting rights in polls, as well as granting holders access to merchandise, rewards, and games.
As it evolves this platform, Socios has now integrated a blockchain-based global ID number for the Socios mobile app, which serves as a Know Your Customer (KYC) identity tool.
“One of the most important developments for us will be the ID on the blockchain, this could be critical in the next years with sports events who need to check your ID.”
Once launched, the prepaid card will include this blockchain ID and link directly to users’ wallets, enabling them to spend $CHZ, but also other currencies. Although, which currencies these will be exactly, crypto or otherwise, has not yet been announced.
The prepaid card will also serve as a membership card so that it can be used both for regular payments and to redeem blockchain token rewards or access various offers and discounts.