Fenerbahçe S.K. – a top-tier football club in Turkey – is reportedly carrying out the issuance of its self-developed fan token, based on the Ether blockchain, via a newly forged alliance with crypto exchange Paribu. 

Specifically, the freshly formed collaboration has reportedly cultivated its initial success, with the presale of 500,000 unlocked tokens was finalized on August 9th, helping the club reel in a profit of 15 million Turkish lira ($1.75 million) in 30 seconds.

The club reportedly disclosed that the Fenerbahçe Token would come with the highest supply of 190,700,000 tokens in reference to 1907 – when Fenerbahçe was officially formed. 

Per project’s white paper, the overall figure of 117 million treasure tokens will be rolled out across smart contracts, throughout the next quarter of a century, on a day-to-day manner. 

Fenerbahçe further generated a roadmap dedicated to the token burn, which will be triggered by the club’s achievements in soccer, basketball or volleyball. 

The white paper additionally noted that token burns will be allowed, should a victory, championship or achievement in Europe occur. 

Fenerbahçe president Ali Koç – taking into account the devastating effect the global pandemic having on football – reportedly disclosed that the sports sector is on the hunt for fresh revenue flows, and revealed that taking an active stance towards the crypto assets space is a crucial development in the club’s agenda.

Koç also shared that Fenerbahçe has held discussions with 12 firms, both based in the country and foreign entities, prior to conducting the issuance of a fan token.

Following the evaluation of numerous criteria, nominally the potential of a token listing, user base and technical infrastructure, the club decided to go with Paribu.