Turkish football team Fenerbahce has launched a fan token project with digital asset trading platform Paribu. The new fan token of major sports team Fenerbahçe is in high demand. Too high, perhaps. The club raised $51 million in token presale Monday.
An hour after Turkish sports team Fenerbahçe launched its Ethereum-based fan token today, the token surged by 433%, despite crashing the only centralized exchange that lists it, Paribu.
According to the token’s whitepaper, Fenerbahçe Token holders can vote on minor club decisions, like naming facilities, and snag priority access to match sales. Since FB’s an ERC-20 token, its price is subject to the whims of the market, just like any other cryptocurrency.
The Istanbul club raised about 436 million lira ($51.05 million) in a presale Monday, with many investors happy to lock up tokens for nine months to secure a 50% discount.
The token started trading today on Paribu, but high demand temporarily crashed the site several times. Paribu i…
Full Article: https://mobitechnet.com/fenerbahce-ethereum-token-rises-433-on-launch/
