Socios.com Obtains a License from Estonian Regulator to Issu...
Cryptocurrency, News

Socios.com Obtains a License from Estonian Regulator to Issue a Prepaid Fiat-Crypto Card

Socios.com, a blockchain company aiming to tokenize the sports industry, is planning to issue a payment and loyalty card in the near future. According to a July 30, blog post, the sports token-focused platform has secured a major regulatory license which allows it to issue virtual currency/Fiat exchange services and wallet custody.

This new license was issued by the Estonian Financial Intelligence Unit (FIU), the body responsible for licensing crypto companies in the country. It was granted to the company’s newly established Estonian-based entity called “Socios Entertainment OU”. Estonia appears to be one of the most advanced digital societies in the world, with increased adoption and use of the blockchain technology.

According to the announcement, the new license will allow the company to secure lasting development opportunities for its upcoming payments and loyalty card. It added that the launch of the card is “due in the very near future” and will be powered by a world-leading payment provider.

The company also stated in the announcement that it has appointed former Head of Payments at The Coingaming Group, Jan Stupka, as the company director for its new establishment. Stupka has held senior positions with notable brands like Czech bank CSOB Group, and leading sports betting companies GVC and Tipsport. He is expected to contribute his knowledge of the Estonian market and rich experience in crypto, sports, and fiat to the growth of Socios.

Socios initially made announcement about its prepaid fiat-crypto card in February this year. The company noted at that time that the card also provides a blockchain-based global ID functionality. 

Together with its partner, Chiliz.com, both companies have recently emerged as major platforms for the issuance and trading of fan tokens. Giant football clubs such as FC BarcelonaGalatasaray S.K., and PSG have partnered with Chiliz to launch their respective fan tokens. Chiliz also recently partnered with the world’s premier mixed martial arts organization, UFC, to increase fan engagement. 

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.