The London Football Exchange (LFE) is set to launch a cryptocurrency to power an ecosystem of “inter-related components” made up of sports, media, entertainment, finance and a foundation
The London Football Exchange (LFE) is set to launch a cryptocurrency that is intended to allow a fan-driven football community the opportunity to take part in various club and fan experiences from match day tickets, tours, and player meet and greets, to specific merchandise and third-party partner offers. London Football Exchange will use the blockchain to help clubs provide loyal fans with better services at a reduced cost.
Discussions are already underway with over 50 clubs including UK Premier League Clubs and some of the most prominent teams throughout Europe, USA and Australia.
LFE is being advised on the launch by leading law firm CMS. Sam Robinson, a partner at CMS, said “It is very exciting to advise LFE on establishing a business that is aiming to have an impact on the entire football industry using blockchain technology. As a firm, CMS has a particular focus on FinTech and we are delighted to be able to support businesses like LFE that are at the “cutting edge” of regulation and technology”.
LFE engagement services will include LFE Points, a blockchain-enabled loyalty, rewards and offers platform. LFE members benefit through special discounts, exclusive offers, rewards and other incentives only available to LFE token holders. The more LFE token holders engage with their favourite clubs and leagues, the more LFE Points they will receive.
For the clubs, the LFE tokens aim to also help them eliminate the antiquated ticketing technology from legacy operators that mean they pay fees ranging from 5% to 8% in commission based on the notional value of tickets sold.
As part of its Initial Coin Offering (ICO), LFE will generate a total of 4 billion tokens with 2.4 billion tokens made available for general sale. The tokens will be priced at $0.20, which equates to a fundraising goal of approximately $350 million. The pre-sales run from 15 January 2018 to 11 February 2018, with the public sale taking place directly afterwards, from 12 February 2018 to 20 May 2018.
The LFE Platform will use the Ripple and Stellar networks to support token issuance, trades, and transfers, with Bitcoin, Ethereum and Ripple all accepted as part of the token sale. Bank transfers of British Pounds, Euros, US Dollars, Australian Dollars and Swiss Francs will also be accepted