Socios.com, a blockchain startup getting to tokenize the sports industry, has secured a leading regulatory license permitting it to issue its own payments & loyalty card.
Issued by the Estonian Financial Intelligence Unit, or FIU, the new license has been permitted to the new Estonia-based entity called Socios Entertainment OU. Announcing the news on 30th July, Socios’ partner project Chiliz.net revealed that the FIU is the responsible authority for licensing cryptocurrency – related firms within the country.
Fiat Cryptocurrency Card Is “Due Within The Very Near Future”
The new license permits Socios to offer virtual currency and fiat exchange services & cryptocurrency wallet custody. Valid for a unlimited period of time starting from 29th July, the license unlocks some important long-term development opportunities for Socios and Chiliz.
In line with a recent announcement, the license will be crucial for the socios.com payments and loyalty card. Powered by a “world-leading payment provider,” the upcoming card is “due within the very near future,” Chiliz added. Socios initially released details about its prepaid fiat-crypto card in Feb 2020.
Alongside significantly extending Socios’ services, the new license powers further strategic growth, permitted a new tech hotspot in Europe. As such, Socios has just appointed former head of payments at gaming firm The Coingaming Group, Jan Stupka, as its new Estonia-based director. Stupka previously worked at senior positions with Czech bank CSOB Group & leading sports betting companies GVC and Tipsport.
Chiliz and Socios have recently emerged as leading global platforms for fan tokens’ design & trading. Earlier in June this year, Spanish soccer giant FC Barcelona revealed its first FC Barcelona Fan Tokens through Chiliz and Socios, selling $1.3 Mln of tokens in less than 2 hours.