French soccer club Paris Saint-Germain is reportedly set to pay a part of superstar Lionel Messi’s $41 million annual salary in cryptocurrencies, as per reports.
The Argentine superstar joined PSG in a shock move earlier this week after his former club Barcelona failed to keep the stalwart due to financial problems. Even after deciding to take a fifty percent pay cut, the weekly wage of the Argentine was too much to bear for the Blaugrana outfit, leading Messi to leave Barcelona twenty one years after he joined.
The 2021 Copa America champion, chose PSG, the leaders of Ligue 1 in France where he is supposed to receive $41 million a year for two years with an option to add another year to his contract.
Thursday, the chief partnership officer of the club, Marc Armstrong, said, “PSG’s involvement with Socios.com on PSG fan tokens have been a great success and has generated revenues. The deal will allow PSG to diversify its revenue sources and further develop its brand across the world.”
Reports say that the price of PSG fan tokens rallied 130% or around $40 when speculations of Messi joining the club started to float around. On Tuesday, the day of Messi’s arrival, the tokens were at their all time high at $61. It is understood that the surge generated around $30 million and he received a “large number” of tokens. However, the amount was not clarified by the club.
With the rise of cryptocurrencies, multiple clubs have started creating their own tokens including English Premier League champions Manchester City and Italian Serie A giants AC Milan.
These tokens allow the owners to vote on small decisions in the club. These cryptocurrencies can also be traded in the exchange and they also have the volatile nature, like other cryptos.
PSG said, ” The hype surrounding the latest signings in the club’s busy summer transfer window created a huge surge of interest in PSG Fan Tokens, with trading volumes exceeding $1.2 billion in the days preceding the move.”
The club said that the decision to pay him in crypto will make the club one of the “avant-garde” brands in the world. Armstrong added, “We have been able to engage with a new global audience, creating a significant digital revenue stream.”
The CEO of Socios.com, the provider of the crypto Messi received, said, “I believe this could be the start of a new trend as fan tokens and Socios.com play an increasingly prominent role across sport at the very highest level.”
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