Sports gamification app SportHero is the latest ASX-listed company to make the move into its own cryptocurrency, after announcing a collaboration with global cryptocurrency platform Pundi X.
It comes as the company last week announced a move to develop its own tokens for use on the SportsHero app – what it says will be a world leading cryptocurrency designed for sports engagement and consumption.
The app (ASX:SHO) offers an alternative to sports betting and gambling, allowing fans to predict the outcome of competitions and earn rewards such as the opportunity to meet sports stars.
Building its own cryptocurrency was touted as the ‘next exciting step’ in the company’s life cycle to transform its user experience and add security through the use of blockchain.
But investors weren’t convinced.
News of the initial crypto move saw the share price shoot up 50 per cent to as much as 9c last week but the stock closed down 12.5 per cent on Tuesday, back down to 7.7c.
Chief executive Tom Lapping told investors the company was working to make the app’s cryptocurrency applicable outside of the bounds of their SportsHero environment.
“We are currently in the planning stage for the development of our new sports token and our mission is to always think of ways to create real-world value for it,” he said.
“By partnering with Zac and his team, we get access to another platform and stimulate usability for our token in the real-world – this could be a massive game changer for us, especially in one of our biggest target markets Indonesia.”
Pick the winners, pay your bills
The Pundi X platform is built on Pundi-Pundi – Indonesia’s answer to Alipay that claims 100,000 registered users and 600 merchants.
Under the two-year agreement – a successful SportsHero token could potentially be used to shop with affiliated merchants or to pay bills on the Pundi X platform.
“Our mission in the very near future is to become the Visa in crypto payment protocol. We had an instant attraction to SportsHero’s ambitions to create a world leading crypto token for sports engagement and consumption,” Pundi X chief Zac Cheah said.
“Our platform enables tokens such as the one SportsHero is planning to have real value in the real world, and be used for mobile phone top-ups, buying electricity and buying goods and services across our network of merchants in Indonesia.”
Pundi X is currently ending its pre-ICO (Initial Coin Offering) and is gearing up for its ICO on January 20.
It comes as the company gets ready for the start of the Big Bash competition, on December 19, where it plans to roll out its daily fantasy sports competition.
Earlier this year chairmanMichael Higginson told Stockhead the community would develop to one billion fans before years end.
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