In the round-up: Cryptocurrency-based fan app Iqoniq, which had partnered with three Formula 1 and four Formula E teams, has gone into liquidation according to a report.
In brief
Fans lose tokens with no compensation after Iqoniq liquidationBlockchain-based fan engagement platform Iqoniq, which had partnered with teams in Formula 1, Formule E and other sports, has gone into liquidation according to The Times.
F1 teams McLaren, Williams and Alfa Romeo carried Iqoniq branding after announcing deals with the platform during 2020. Iqoniq also partnered with Envision, Techeetah, Dragon Penske and Mahindra in Formula E.
Iqoniq sold collectible tokens to fans promising “access to a wide range of exciting opportunities which bring them one step close than anyone else to their idols and organisations in sports and entertainment.” The company’s dissolution will raise concerns fans may not be able to recover the value of any tokens they purchased.
Williams also carried Iqoniq branding during…