IPL 2021: RCB, KKR & PBKS join cryptocurrency backed platform Socios

IPL 2021 – RCB, KKR & PBKS joins cryptocurrency platform: The suspension of IPL 2021 due to the COVID-19 pandemic has put the franchises in a rough spot. With no matches, money from TV rights and sponsorship deals have shrunk significantly. If the tournament isn’t complete, each franchise will incur huge losses. In such a precarious situation, three IPL franchises — Royal Challengers Bangalore (RCB), Kolkata Knight Riders (KKR) and Punjab Kings (PBKS) have joined Socios, a platform that empowers fan engagement through cryptocurrency and blockchain technology, to boost revenue.

Socios is backed by cryptocurrency giant Chiliz.

IPL 2021: RCB, KKR & PBKS join cryptocurrency backed engagement platform Socios to boost revenue

Chiliz is a giant in sports engagement with European giants such as FC Barcelona, PSG, Juventus and Atletico de Madrid amongst its members. Fans on the platform must buy Chiliz tokens through a cryptocurrency exchange to take part in exclusive activities. On Socios, the franchises can host such fan token offerings, a digital asset. After purchasing the Chiliz tokens, fans can engage with their beloved teams in exclusive promotions, AR-enable games, chat forums, competitions, polls, VIP rewards amongst others.

Also Read: Formula1: F1 teams getting cryptocurrency sponsors in heap, now McLaren gets Bitci.com

IPL 2021 – RCB, KKR & PBKS joins cryptocurrency platform: The engagement through purchasing fan tokens is expanding rapidly and becoming popular amongst sports enthusiasts. In 2021 alone, $120 million has been spent on such tokens as per Nairametrics. With the IPL 2021 suspended, such revenue generation will boost the franchises’ income which has been hit.

“We were keen to look at new ways of enhancing and optimizing how we engage with our fans, and Socios.com seemed like the right fit. Socios.com has already proven what a powerful tool it can be for fan engagement with some of the biggest sporting organisations in the world,” Kolkata Knight Riders CEO Venky Mysore told Inc24

Also Read: IPL 2021 Revenue Losses: BCCI, Broadcaster, Franchises to lose but players to be paid in full despite IPL postponement

IPL 2021 – RCB, KKR & PBKS joins cryptocurrency platform: This is not the first time that a cryptocurrency platform has been associated with IPL 2021. Disney+ Hotstar, IPL 2021’s streaming partner had ads from two most popular cryptocurrency platforms in India in WazirX and Coinbase. It also comes at a time when the Reserve Bank of India is warning and urging companies to disassociate from the highly volatile crypto market.

With RBI’s opposition, many banks have refused to back cryptocurrency transactions. But

Given that crypto exchanges have recently seen some obstacles from banks processing transactions related to crypto trades, there is a feeling that banks are not really ready to support the industry. WazirX’s founder Nischal Shetty told Inc42 that by doing so the banks are losing out on a huge market.

“Some banks have already come forward to work with the crypto ecosystem, although I can’t reveal names. These are the ones who may end up disrupting the sector and ending the monopoly of a select few banks,” Shetty said.

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