According to a press release published May 17, 2019, sports and entertainment blockchain startup Chiliz (CHZ) partnered with Binance Chain to give the crypto industry exposure to popular global brands in the sports industry.
Bringing Crypto onto the Football Pitch
Looking to bridge the gap between mainstream culture and the rapidly developing cryptocurrency industry, Chiliz announced a strategic partnership with Binance exchange’s newly launched mainnet network, Binance Chain.
Chiliz’ native digital token CHZ is the cryptocurrency that runs the popular blockchain-powered sports engagement platform Socios.com.
The tokenized fan app aims to serve as the platform for the launch of fan token offerings (FTOs) for its partner clubs’ digital tokens. Reportedly, the native tokens of PSG and Juventus are currently under development and are expected to launch later in the year.
The startup hinted that it would announce more partnerships with teams “from the biggest European football leagues.” Most importantly, the press release noted that after the successful integration CHZ token, the soon-to-be-launched fan tokens could also be issued on Binance Chain.
The fan engagement app also plans to enable users to cast votes in club-related polls who will later be rewarded for using CHZ tokens. Notably, Malta-based exchange Binance was one of the early-stage investors of Chiliz.
Socios.com and Chiliz CEO, Alex Dreyfus shared his thoughts regarding the newly forged strategic partnership. He said:
“Integration of Binance Chain protocol will increase our access to the large liquidity pool of the Binance community, one of the largest and most vibrant communities in the cryptosphere. Through Socios.com, we will highlight blockchain to a more mainstream audience – an addressable audience of 3.5 billion fans around the world – as well as allowing global brands and household names the chance to access the crypto space.”
Binance’s CEO, Changpeng Zhao, echoed similar sentiments. He noted that representation in the sports world would help educate masses about the potential and utility of distributed ledger technology (DLT).
Sports and Crypto, a Symbiotic Relationship
An increasing number of sports teams are looking to tap into the advantages of emerging technology to increase their fanbase across the globe. Similarly, for crypto and blockchain startups, partnerships with famous sports clubs provide them with a ready base of potential customers.