We have reached another milestone in our journey towards launch in obtaining 2 licenses for Socios Entertainment OÜ, the corporate entity that will operate our tokenized voting platform. This will allow us to offer fiat and cryptocurrency exchange services on the Socios.com app, meaning fans can buy chiliz ($CHZ) direct, without the need for a third-party exchange. The $CHZ supply will still come from approved & partnered crypto exchanges.
“In facilitating seamless transactions of our own digital currency, we take a further step towards making blockchain easy, accessible and consumer-friendly,” said Alexandre Dreyfus, CEO.
“Socios Entertainment OÜ is the corporate entity that will operate Socios.com from Estonia, a leading European fintech hub. The chiliz management team has a wealth of experience in the regulated gambling industry, especially in payments and KYC/AML policies, which we will leverage to #BUIDL, block by block, as we prepare to launch our platform across Europe, Asia and Latin America in Q2.”
To protect consumers, and in compliance with Anti-Money Laundering Legislation, KYC (Know Your Customer) procedures will be applicable to certain services offered by Socios.com. Eligible customers will be able to purchase $CHZ in low denominations directly through the app to buy Fan Tokens; users can also transfer $CHZ bought on third party exchanges directly to their Socios.com wallet. The wallet service will be geo-blocked for residents of jurisdictions where the holding and/or use of virtual currencies is prohibited by law.