Alexandre Dreyfus, the founder of Socios, sees the recent crypto crash as a “necessary evil”

Interviewed by BFM Crypto, Alexandre Dreyfus discussed the strategy of his token platform, which has 1.5 million users.

Created in 2018 by Frenchman Alexandre Dreyfus, the platform for Socio tokens enables supporters to make decisions about club life thanks to a “fan token” principle. This principle, invented by Socios, is a mix between a cryptocurrency and an NFT (non-fungible token). Fantokens can only be purchased with the chiliz cryptocurrency, also created in 2018.

Fantokens “are fully expendable digital assets that give you voting rights and other fan-centric tools for the various teams each fantoken is associated with,” the company’s site clarifies. Fantokens never expire, and since they are replaceable, they can be freely exchanged for chiliz on the Socios.com platform and off-platform with any other fan token exchange provider licensed to operate on Chiliz’s Blockchain. the website.

“The current situation is a necessary evil”

The chiliz cryptocurrency is ranked 68th in the Coinmarketcap ranking, which ranks cryptocurrencies according to their capitalization. It weighs a capitalization of $683 million to date. According to data from Etherscan, which allows you to see transactions on various blockchains, about 142,000 users have chiliz. Alexandre Dreyfus claims up to 500,000 or even 1 million holders of this cryptocurrency.

Like many cryptocurrencies, the price of chiliz was turned upside down by the storm that the ecosystem experienced last week. Notably, it hit a one-month low at $0.08 on May 12, before rising to around $0.11 on Thursday. But we are still a long way from the last peak reached on March 30 when a pepper traded at USD 0.29 (ie -62% since then) or from its historic peak of USD 0.64 in April 2021 (-83% since that date).

In fact, last week the cryptocurrency and stablecoin market experienced severe turbulence that had short-term implications, but also raises longer-term questions, particularly about the sector’s resilience.

“The current situation is a necessary evil, there was a lot of money at one point. Me living the 2000s as an entrepreneur: everything went very quickly. Today we are going back to basics a bit healthier. We need to have time to develop useful projects for users,” says Alexandre Dreyfus.

To date, Socios is the partner of more than 60 football clubs, including PSG, Juventus and Manchester City. Specifically, a PSG fan can buy a “PSG Fantoken” at the current price of 8 euros, which gives him the right to make decisions about the life of the club. Specifically, to make decisions, supporters can vote on the Chiliz blockchain, a fantoken is then equal to a vote.

For example, while the celebration of PSG’s tenth league title takes place on May 21, supporters who have been awarded fan coins have been able to offer ideas about the stadium entrance design or how to use the music. PSG would have between 30,000 and 50,000 fantoken owners, Alexandre Dreyfus told us. “More than 90% of token holders are not in France: it is the importance of the blockchain that attracts fans who are not necessarily in the stadium,” underlines Alexandre Dreyfus.

The Socios.com application, launched in November 2019, is therefore said to have more than 1.5 million users, which the boss claims has multiplied by 10 in one year. These are users with an account on Socios, who can hold fantokens, but Socios fantokens are also distributed by other trading platforms such as the giant Binance.

Socios also faces new competitors: when Binance offers Socios fan tokens, the platform also launched its first fan tokens with the Lazio Rome football club last year and has since had new partners such as FC Porto or Santos FC. Similarly, Turkish cryptocurrency exchange Bitci.com currently offers dozens of fantokens as well.

Partnership with Messi

To date, the Malta-based platform, which has 200 employees, has an Estonian license and permission from the Swiss regulator to operate, which allows it to advertise on television in several countries. Separately, Socios announced on Tuesday that they have signed Lionel Messi as an ambassador to represent the brand. But the group would like to go faster.

“We already have almost 40 employees in France, developers, and we continue to invest in France. We would consider registering as a service provider on digital assets (PSAN) at some point, if we need to develop further in France in the field of marketing,” confides BFM Crypto Alexandre Dreyfus.

Registering as a PSAN in France would both give it greater credibility as a platform in France, but also allow it to advertise (but without recruiting) for French customers.

Leave a Comment