Thursday, 13 August 2020

London Football Exchange launches $350m cryptocurrency fundraising

The London Football Exchange (LFE) has unveiled plans to launch its own cryptocurrency that will offer LFE token holders special discounts, exclusive offers, rewards and other club and league incentives.
A sort of cryptocurrency with benefits, the potential value for an investor is in the token which is allied to the reward programme LFE can build around it.

LFE said the cryptocurrency will activate a “fan-driven football community” for clubs but will also provide them with an alternative to current ticketing technology that seem they pay fees ranging from 5% to 8% in commission based on the notional value of tickets sold.

LFE said it is in discussions with more than 50 clubs, including Premier League clubs and teams throughout Europe, USA and Australia.

Charles Pittar, Corporate CEO of London Football Exchange, said: “Our vision is to allow football clubs to take advantage of the token funding economy for their financing needs by providing them with a tokenised financing infrastructure which involves token design and issuance services.”

The Initial Token Offering will generate 4 billion tokens with 2.4 billion tokens made available for general sale priced at $0.20. The aim is to raise about $350 million. The pre-sales run from 15 January 2018 to 11 February 2018, with the public sale taking place directly afterwards, from 12 February 2018 to 20 May 2018.

Set up as aa financial, technology, media and entertainment group in 2017, the LFE aims to be the world’s first ever football club stock exchange, regulated in the UK and EU. LFE will allow fans, traders and investors to buy football club shares globally.

Scott Smith, Football CEO of London Football Exchange, said: “The LFE aims to become a “one-stop shop” for clubs of all sizes to raise capital via equity sales and also offer LFE contributors a wealth of fan experiences and social interaction.

“Clubs will be encouraged to offer some equity through the LFE and required to offer a minimum number of unique experiences or special offers so that the real fans can take part in their favourite clubs.”

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