By redeeming the tokens and signing up to the app, Spurs fans would be giving their data to Socios and would then be encouraged by Socios to purchase further tokens. This would require signing up to the crypto currency Chiliz - the stated business aim of these arrangements from a Socios perspective and how the company would make money from the partnership.
As the Club itself stated at the time of the announcement: “Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong”.
THST is opposed to the arrangement between the Club and Socios and urges fans not to participate. We do not believe that fan engagement should be monetised nor should it be conducted via a third party provider. Nor do we believe that fans should be lured by the promise of “benefits” to purchase fan tokens which are a risky cryptocurrency that could lose most or all of its value. And we do not believe that Socios should use the personal data obtained from Spurs fans who sign up to the Socios app.
Many of the benefits are available to Spurs fans through existing membership packages, for example One Hotspur Moments.
We urge Spurs fans:
- Do not sign up to the app and give your data to Socios
- Do not redeem the free tokens
- Do not purchase additional cryptocurrency tokens
We also encourage fans to contact the Club to make it clear they do not support the arrangement with Socios and that fan engagement should not be monetised nor conducted via third-party provider.
3 October, 2023