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Paris Saint-Germain begins Web3 drive as a new blockchain validator for Chiliz Chain

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The French football club aims to explore various avenues in the cryptocurrency sector, starting with becoming an infrastructure provider to Chiliz Chain.

French football giant Paris Saint-Germain (PSG) is set to deepen its Web3 and SportFi involvement by becoming a validator for fan token blockchain Chiliz.

Cointelegraph recently traveled to Paris to speak exclusively to Chiliz founder Alexandre Dreyfus and PSG head of Web3 Pär Helgosson about the evolving partnership between the football club and the blockchain platform.

PSG is the first major football club to become a blockchain protocol validator and is set to reinvest revenue generated as a validator to buy back PSG tokens. The move is touted as a way to create a self-sustaining digital economy for the club and its fan base.

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The Chiliz Chain is the infrastructure underpinning Socios, the platform that issues and manages fan tokens for over 150 professional football clubs and sports teams. PSG was an early adopter of the technology and launched its fan token on Chiliz in September 2018.

The club intends to explore opportunities in the broader cryptocurrency, Web3 and SportFi spaces, with Helgosson spearheading the efforts.

Venture capital firm Animoca Brands joined Chiliz Chain as a validator of its proof-of-stake protocol in November 2023 after Chiliz revamped its tokenomics model. Chiliz introduced a new inflation-staking rewards mechanism for CHZ holders and the integration of the transaction fee protocol burning scheme EIP-1559.

PSG gets first shot at token buy-back mechanism
Helgosson told Cointelegraph that PSG will use its accrued revenue as a node validator to carry out PSG fan token buybacks from public marketplaces. The buybacks will be automated and executed by smart contracts through its validator and on decentralized exchanges on the Chiliz Chain.

The program aims to increase revenue from the club’s validator through gas fees and supply inflation that are reinvested into PSG tokens. The club is interested in refreshing its token reserves to create a self-sustaining economy:

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“We’re aiming to build a sustainable tokenomics model together where the club, because of our role as a node validator, can use the profits to buy back fan tokens and use them to reinvest back into the fan ecosystem.”
Helgosson says the move is expected to provide rewards, new utilities, functions, products and services that will benefit PSG tokenholders, sponsors and players.

PSG and Chiliz are also planning a blockchain hackathon hosted at the club’s iconic Parc des Princes stadium in the summer. The event aims to attract developers to build decentralized applications and products incorporating PSG tokens on the Chiliz Chain.

An alternative for sports organizations
Dreyfus tells Cointelegraph that PSG’s move to become a validator could be a catalyst for other clubs to follow suit and better understand how the ecosystem’s tokenomics work.

“As for the drawcard, PSG is going to play an active role in the operations of the Chiliz ecosystem, meaning they will help build trust and attract more brands and developers, also by co-hosting hackathons with us at their stadium,” Dreyfus explained.

Chiliz and Socios have been focused on building products and experiences for the broader sports industry. Dreyfus believes that its protocol needs stakeholders from the space to participate in its governance and ongoing operation.

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The Chiliz founder says his long-term goal is to have dozens to hundreds of validators comprised of sports organizations, fan-owned nodes and cryptocurrency firms. The hope is that PSG’s move will prompt other major clubs to consider becoming node operators.

“This is a new income source for them, diversification, but also being part of the network effect brings value to everybody involved.”
PSG’s Web3 play
Off-the-record conversations with Helgosson reveal that PSG is ambitiously exploring a multitude of ways to diversify revenues and offerings in the cryptocurrency and blockchain ecosystem.

The club’s investment in becoming an infrastructure operator of Chiliz blockchain marks the start of its moves to actively participate in the Web3 ecosystem. PSG has explored and launched several nonfungible token collections, some of which offer exclusive rewards to holders.

Helgosson would not disclose the details of its investment or capital allocation for the Chiliz node-as-a-service partnership but said the club intends to actively engage and reinvest with its Web3 partners.

He highlighted that being a node validator is a core component in building a sustainable tokenomics model for the Paris Saint-Germain Fan Token ecosystem and Chiliz.

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Source: CoinTelegraph

The post Paris Saint-Germain begins Web3 drive as a new blockchain validator for Chiliz Chain appeared first on HIPTHER Alerts.

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Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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