A popular provider of blockchain services to sport industry, Socios.com has secured a regulatory license in Italy. The protocol announced the feat in a blog post conveyed on its official platform on Thursday. Reportedly, the license will enable Socios.com to function as a provider of virtual currencies and digital wallets for its fan engagement and rewards platform in Italy.
Additionally, the approval tends to aid the growth and expansion crusade of the firm within the region. Also, it unlocks the exploration of the technologies which illustrate Socios.com’s blockchain-oriented sports entertainment offering.
According to the firm, Italy remains a key market for socios.com. The protocol expresses delight over its strong presence in the country’s virtual economy. Reportedly, it has continued to enjoy robust collaborations with various Italian football clubs, including AC Milan, Inter Milan, Napoli, AS Roma, Juventus and Serie A.
Now, Socios.com believes the latest approval will help to “cement consumer trust in the new, fast-paced and growing market of blockchain-based fan engagement, also bringing in critical protections which enhances the Socios.com platform for its community and wider set of stakeholders.”
As per emerging reports, Socios.com obtained the license after meeting the necessary standards by the Organismo Agenti e Mediatori (OAM). Worth noting that the OAM remains the regulatory agency that regulate crypto assets, financial agents and credit brokers in Italy.
Socios.com working with regulators to guarantee trust of Italian clients – CEO
CEO of Socios.com, Alexandre Dreyfus, has now reacted to the development. According to Dreyfus, “approval from the OAM is a crucial part of our efforts to protect consumers and continue building our offer in the region.” He further that Italy remains a very significant market for the firm. Additionally, the CEO maintained that Socios.com is “committed to building lasting growth in the region and will continue working with regulators to guarantee legitimacy and trust for our Italian customers.”
Notably, Socios.com intends to build and sustain global network of fans and teams. Currently, it enjoys over one million fans from countries using the platform across the globe. As designed, the platform enables sports clubs to reward their fans for engaging and supporting their team.
More so, Socios.com’s fan tokens allow its holders across the globe to access varieties of rewards and opportunities. These opportunities include engagement through polls; and enhanced access to their favorite club and its players. Similarly, it avails a community where they can build relationships with other sport fans across the globe.