French footballing giant Paris Saint-Germain has become a validator on the Chiliz blockchain. PSG is now the first football club to run a validator for a cryptocurrency network. The $PSG Fan Token jumped following the news, with the club set to reinvest the earned rewards in a buyback program.

Paris Saint-Germain is now an official network validator for the Chiliz Chain blockchain, a role that makes the French giant the first football club to actively participate in the running of a blockchain network.

PSG takes up the role as part of its partnership with the Socio.com platform, the Chiliz team announced on Thursday. This comes as Chiliz Chain unveils its revamped tokenomics model, with new staking rewards paid in the native $CHZ token.

“By becoming a validator on the Chiliz Chain, we’re not just embracing the future of web3 sports; we’re actively designing it so that we can have a more direct relationship with our fans through Web3 experiences,” Pär Helgosson, head of Web3 at Paris Saint-Germain, noted.

Per today’s announcement, PSG will use 100% of the funds accrued from its validator reward to buy back its fan token. The club will execute its buyback program via smart contracts, with the reinvesting meant to help refresh the $PSG token’s reserves.

Other than becoming a blockchain validator, PSG will collaborate with Chiliz as a co-host of a hackathon club’s stadium Parc Des Princes.

The $PSG Fan Token rose after the news, rising to highs of $3.88 on February 22. Meanwhile, the Chiliz ($CHZ) token also experienced an upswing, jumping to a nine-month high above $0.13. At the time of writing, $PSG traded around $3.68 while $CHZ changed hands above $0.12.

The Ligue 1 leaders launched the club’s Fan Token in September 2018.

The post PSG becomes first football club blockchain validator appeared first on CoinJournal.

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