Binance & chiliZ Join Forces To Tokenize Sports Industries

Malta, 5th June, 2018: Malta-based chiliZ has today announced that Binance — one of the world’s largest crypto exchanges with more than 9 million users and $1.5 billion in daily volume — will invest in their new tokenization platform for the esports and sports industries.

Inspired by the “Socios” crowd-management concept of Real Madrid & FC Barcelona, chiliZ is a platform that allows both esports and sports entities to tokenize their voting rights to their fan bases.

Both companies believe that the video gaming space — a $110 billion industry, and bigger then than the global movie and music industries combined — will be one of the next major industries to adopt blockchain services, and that mainstream consumption will become more viable with its 300mm esports fans. The two industries share similar user/audience demographics — well connected, educated and fairly affluent millennials, with a knowledge and interest in virtual currencies, and experience in trading digital assets.

Although the chiliZ platform will commence with esports teams and leagues, Binance and chiliZ will work hand-in-hand to engage with the sports industry and develop a fan-driven token ecosystem for traditional sports teams, and scaling the concept of “Socios” all over the world.

Having already secured over $27 million through an ongoing private placement phase, chiliZ have welcomed the investment from Binance, as it will enable the sharing of technical knowledge, innovation and creativity, and will also helping chiliZ to deliver its vision on a global scale.

Alexandre Dreyfus, CEO of chiliZ, said: “Binance’s significant investment in chiliZ will boost our current private placement offering and help us to move faster. Their support will help us deliver our vision globally, increase our visibility in the blockchain ecosystem and empower our technical vision. I’m also excited that Binance is setting-up in Malta, where we will be able to share resources, enabling a more strategic partnership.”

With its Malta-based operations, the 25-strong chiliZ team will be close to the new Binance operations, and the two companies will build a strong cluster and regulated ecosystem of innovative fintech and blockchain companies in the entertainment space.

Binance CEO & Founder, Changpeng Zhao said: “chiliZ is a creative way to embrace blockchain technology, aimed at building tools and services for mainstream adoption in industries that have a massive global growth rate. We are thrilled to support the team behind the project, and to help make them a success.”

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Emma Diskin

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