Binance, the world’s largest cryptocurrency exchange by trading volume, has announced the launch of the Binance Fan Token Platform, with S.S. Lazio the first club to sign up to it.

S.S. Lazio is an Italian football club based in Rome that plays in Serie A, the top-tier professional Italian league.   

Binance will also become the main football shirt sponsor for Lazio and the Italian team’s fan token will be called $LAZIO.

The $LAZIO will be issued on the Binance Launchpad and “take the club’s brand to the next level and create a more meaningful fan engagement experience for the club’s supporters – through unique and engagement-based rewards, interactivity and gamification”, according to the crypto exchange.

Initially, the $LAZIO will only be made available to Binance users, but later the fan token will be available more generally via bank card purchases.

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$LAZIO gives fans access to NFTs

The $LAZIO fan token will give Lazio supporters access to exclusive voting polls similar to the way Socios.com works. Teams using Socios.com tokens include English Premier League clubs Manchester City, Arsenal, Everton, Leeds United and Aston Villa, as well as Lazio's Italian rivals Juventus, AC Milan and Roma.

Socios.com fan token holders are given the chance to take part in a series of interactive votes with the club each season.

Binance says $LAZIO holders will also have access to fan badges and rewards as well as limited non-fungible tokens (NFTs).

Socios.com reaction

Alexandre Dreyfus, CEO of both Socios.com and Chiliz – the global blockchain providers for the sports industry app – has reacted positively to the Binance announcement.

Dreyfus tweeted that the move proved the “global recognition” fan tokens are receiving and said it would lead to “massive growth and consolidation” for the industry.

Socios.com is now three-and-a-half years old and has partnered with more than 70 major sporting organisations.

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Further reading: Binance to make Ireland part of its HQ plans