UK financial technology company TechFinancials has invested in new blockchain ticketing startup Footies Tech.
The deal kicks off the formation of a new firm subsidiary called NewCo, which will be focused on the development of the technology.
TechFinancials will hold 75 per cent of the shares of NewCo with Footies taking the remaining 25 per cent.
The former chief executive of Liverpool FC, and founder of Footies, Ian Ayre, will become chairman of NewCo. TechFinancials will license its own technological blockchain infrastructure to the new subsidiary.
Ayre, who is also chief executive of the new Nashville, US, Major League Soccer franchise, said, according to the FinanceMagnates website: “There is huge demand for the secondary ticketing market in the sporting industry to be revolutionised in order to make it fully transparent and to make sure that a fairer deal is ensured for both the venues and the customers.”
Ayre added touting has been damaging to the companies, with NewCo’s primary goal to help make the market more “stable and secure.”
The chief executive of TechFinancials, Asaf Lahav, said: “TechFinancials uses blockchain technology, tokenisation and smart contracts to make trading and exchanging “real assets” easier, cheaper and more accessible.”
“With the Footies platform built on the company’s pioneering proprietary blockchain infrastructure, we aim to disrupt the broken market of sports ticketing and bring the power back to venues, clubs and fans,” Lahav elaborated.