TheSportExchange and HNS Launch Performance-Linked Croatia Keys

TheSportExchange has signed a multi-year agreement with the Croatian Football Federation to issue a series of performance-linked digital assets called Croatia Keys. The assets are live on TheSportExchange’s decentralized marketplace and are tied to Croatia’s results in international football competitions.

The protocol enforces a fixed maximum supply of 21,000 Croatia Keys that cannot be changed by the platform, the federation, or third parties. TheSportExchange reports that 3,100 Keys have been issued so far and that the current protocol price is $115.38.

Keys are issued and priced automatically by the platform’s protocol rather than by TheSportExchange or the federation. When Croatia plays in covered competitions, the protocol’s Performance Pool triggers buybacks linked to the team’s results; those buybacks are designed to benefit Key holders collectively.

Holders seeking liquidity can redeem Keys directly through the protocol at any time without needing a counterparty or a waiting period, the company reported. The Croatia Keys are perpetual and do not expire; the protocol remains active throughout tournaments and responds to match outcomes as they occur.

The assets cover international fixtures including the FIFA World Cup, the European Championship, the UEFA Nations League and qualifying matches. The agreement between TheSportExchange and the federation is in place ahead of the 2026 World Cup.

Steve van Zutphen, founder and CEO of TheSportExchange, said the arrangement offers fans a direct stake in the team’s performance with protocol-guaranteed liquidity and transparent mechanics. Croatia Keys are available now through TheSportExchange’s marketplace.