Shares in ASX-listed Fatfish Internet Group shot higher today after international venture builder was appointed blockchain advisor in Asia by London Football Exchange (LFE).
UK-based LFE is a financial, technology, media and entertainment company that plans to become the world’s first blockchain-based football club stock exchange operating globally in the professional association football industry.
The LFE token – created by U.S Blockchain and Regtech innovator Securrency – will be the underlying cryptocurrency powering the LFE Group, which will allow football fans globally to engage with their favourite clubs from point of sale in stadium benefits, ticketing and the world’s first blockchain powered football club equity exchange.
The token can also be used within participating venues and their surrounding business community.
The LFE Exchange will be a licensed Multi-lateral trading facility (‘MTF’) trading platform where any fan can buy, trade or sell on LFE Exchange for their club of choice.
Fatfish’s subsidiary, Singapore-based CryptoFoundry, will be appointed by LFE to assist marketing and managing its online community across Southeast Asia.
With the appointment, Fatfish will work closely with LFE to identify suitable blockchain and cryptocurrency technology companies to be plugged into LFE’s current and future operation.
The commercial arrangement between the two companies for this project involves multiple engagement arrangement that sees Fatfish and CryptoFoundry being remunerated in both Ethereum tokens (ETH) and the LFE tokens.
“We are thrilled to be able to work with an exciting world-class innovative venture such as London Football Exchange,” said Fatfish CEO Kin W Lau.
We see a lot of synergies between the activities and plan of the London Football Exchange and some of our ventures in crypto and consumer internet space across Europe and Asia. We hope to be able to work closely with London Football Exchange on an ongoing basis.”
Football has an estimated fan base of 3.6 billion people across Europe, Asia, America and Africa.
Shares in Fatfish closed the day 0.7c higher at 6.2c.