FC Porto Becomes Second Fan Token Partner for Binance

Binance announces latest sporting partnership with the official launch of FC Porto’s fan token.

Second Soccer Token For Binance

Following the huge success enjoyed by Lazio’s fan token on the Binance launchpad, FC Porto, one of the most decorated football clubs in Europe, will become just the second side to launch their fan token on Binance. 

The multi-year partnership between FC Porto and Binance was made official via an announcement on the Binance website on November 5th. Thereafter details quickly emerged regarding the launchpad details. 

“By partnering with Binance, the FC Porto Fan Token (PORTO) will be issued via the Binance Launchpad to take the club’s brand to the next level, and to create a more meaningful fan engagement experience for the club’s supporters, through unique and engagement-based rewards, interactivity, gamification and more.” Binance explained in the announcement, once more underlining the incentive sports teams have in partnering with them. 

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FC Porto will hope to attract an otherwise untapped market as they venture into the partnership with the crypto giant. 

Launchpad Details

The sale for the FC Porto Fan Token will follow the usual Binance Launchpad subscription format which will see user BNB balances recorded from 06/11/2021 00:00 AM (UTC). 

BNB balances will be recorded for ten days in hourly updates, during which the average amount of BNB held by users during those ten days will be calculated and determine the amount users will be able to invest in the fan token. The manner in which the averages are calculated can be found here.

The completion of that initial stage will then see users toward the subscription period which will take place from 16/11/2021 06:00 AM (UTC) to 16/11/2021 09:00 AM (UTC). Users will be required to sign the ‘Token Purchase Agreement’ prior to committing their BNB. Once committed, the BNB will not be redeemable until the final distribution.

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The calculation period then begins immediately after from 16/11/2021 09:00 AM (UTC) to 10:00 AM (UTC). The relevant sums will be worked out at this point before the final token distribution takes place at 10:00 AM (UTC). After your final token allocation is calculated, the relevant amount of BNB and PORTO tokens will be duly returned to your account.

Token Sale Details:

Token Name: FC Porto Fan Token (PORTO)

Launchpad Hard Cap: 4,000,000 USD

Hard Cap Per User: 10,000 USD (10,000 PORTO)

Total Token Supply: 40,000,000 PORTO

Total Tokens Allocated to Binance Launchpad: 4,000,000 PORTO (10% of Total Token Supply)

Public Sale Token Price: 1 PORTO = 1 USD (price in BNB will be determined prior to subscription)

Token Sale Format: Subscription

Supported Sessions: BNB only

Users will hope to reap the same kind of gains as were on offer during Lazio’s Fan Token release, and we’ll be following closely to see whether that does indeed occur.

Source : bsc.news

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