Crypto firm with links to Rangers and Hibernian ceases trading
A crypto company which partnered with the Rangers and Hibernian football teams has confirmed its crypto token will case trading after a price collapsed.
Sportemon Go has a sponsorship deal with Rangers, appearing on its shirts since last October and has appeared on the Hibernian kit this season. The firm has also received endorsement from Premier League players including Manchester United’s Luke Shaw who launched an NFT collection powered by Sportemon Go.
“The SGOX Token has ceased trading,” wrote Sportemon Go on its website. “Also note the Team, Athletes and other IP are currently being removed or deleted, as we finalise amicable termination agreements. These will all be removed once finalised.”
Sportemon Go describes itself as an “NFT-augmented reality sports trading platform,” which boosts fan engagement with sports by launching NFT collections and virtual experiences on behalf of sports teams and players.
In March, the firm announced plans to launch an NFT collection as part of a two year official partnership with the Rangers FC to commemorate the club’s 150th anniversary on a native marketplace. However, the collection is yet to materialise.
News that the platform’s native SGOX token has ceased trading comes after its value plummeted in January, and has since plateaued at close to $0.
Hibernian’s commercial director Greg McEwan told The Athletic that the club completed a thorough due diligence process before inking a deal with Sportemon Go. However, when its financial difficulties became apparent a few months ago the club began to “reduce their assets.”
“We would like to reiterate that no supporters lost out financially through the launch of the Fan Token earlier in the year. As it never properly launched, all supporters that purchased a fan token were refunded,” McEwan added.
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