Binance Chain To Push Tokenization Of Sports Teams
MALTA, 17th May, 2019: Chiliz, the digital currency for sports and entertainment platforms, has announced a strategic partnership with Binance Chain, a blockchain software system developed by Binance and the community, in a move that will bring global brands and household names such as Juventus and Paris Saint-Germain into the crypto space.
Chiliz is a digital currency that fuels blockchain-backed platforms and products geared towards casual, mainstream consumers, starting with Socios.com, a tokenized fan influence mobile app. Following recent blockchain-and crypto-partnerships with footballing giants Paris Saint-Germain and Juventus, and more recently Premier League club West Ham United FC, Chiliz aims to bridge the gap between mainstream users and blockchain technology.
Alex Dreyfus, CEO of Chiliz and Socios.com 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.”
CZ (Changpeng Zhao), CEO & Founder of Binance said: “Sports is the perfect vehicle through which to educate mass consumers about the potential and the utility of blockchain technology. I’m proud that Binance and Chiliz are leading that charge globally.”
Socios.com, the consumer-facing tokenized fan influence product from Chiliz, powered by the platform’s native currency $CHZ, will allow sports fans to participate in club-related polls and access exclusive rewards with the purchase of club-branded Fan Tokens. The integration with Binance Chain will allow Chiliz to seamlessly incorporate blockchain into their mainstream, consumer-facing product, and to offer services such as instant payments, pre-paid gift cards and micro-transactions for digital services.
Fan Tokens for Socios.com’s partner clubs will be released later this year, together with other soon-to-be announced teams from the biggest European football leagues. Once $CHZ has been successfully integrated, these Fan Tokens may also eventually be issued on Binance Chain, the first blockchain to work with major brands.
“Binance Chain’s focus on usability, security and incredible one-second block time speed will be crucial to the success of the platform we are building, and for the eventual audience of hundreds of millions of sports fans,” added Dreyfus.
To present this partnership, Binance will join Chiliz for a meetup in Seoul, South Korea on 27th May and in Singapore on 28th May. Representatives of Chiliz & Binance will be joined by Juventus’ Head of Partnerships, Tomas Aricó and Juventus Legend David Trezeguet, to discuss the importance of fan engagement & the use of blockchain in football. Further competitions and giveaways to entice and engage the community will be announced in due course.
Chiliz raised more than $66 million through private placement in 2018, including an investment from Binance as well as other cornerstone investors. Further detail regarding the technical integration will be disclosed in the coming weeks, in particular the partial migration of ERC20 tokens to BEP2.
With the aim to onboard dozens of major football teams over the coming months, Chiliz will ultimately provide a fan engagement platform for hundreds of teams and clubs from many different sports verticals in the future. Chiliz will soon unveil some of the platform’s further features, confirm its next football partner, and announce its first partnership with an esports team for Socios.com.
About Chiliz & Socios.com
Chiliz is a digital currency for sports and entertainment platforms. It fuels the world’s first scalable, tokenized voting platform, Socios.com where fans can buy, trade and execute voting rights in their favorite sports teams. The Chiliz project has raised $65 million from some of the world’s largest cryptocurrency exchanges and leading crypto funds in Asia, including Binance and Ceyuan Ventures. Chiliz is owned by Malta-based Mediarex Group, a global sports and entertainment organisation, which was founded in 2006, Chiliz is also certified by CertiK. Earlier this year, Chiliz obtained 2 licenses for Socios Entertainment OÜ, the corporate entity that will operate the tokenized voting platform. This will allow Socios.com to offer fiat and cryptocurrency exchange services on the Socios.com app, meaning fans can buy Chiliz ($CHZ) direct, without the need for a third-party exchange. The $CHZ supply will still come from approved and partnered crypto exchanges.
Socios.com helps football clubs achieve digital transformation through blockchain technology. Socios.com is powered by the Chiliz token ($CHZ). Fan Tokens are specific to a team or a club, and are a finite, digital asset that provides access to an encrypted, immutable ledger of voting and membership rights ownership. The tokenized fan-voting platform uses Fan Tokens, which operate on a separate permissioned side chain. The Fan Tokens are limited in number, and are fungible, meaning their ownership can be traded, and their price is driven by the market. The platform has been developed to help sports teams increase fan engagement and achieve essential investment from fan-monetization. The venture was inspired by the fan-led management frameworks or ‘socios’ of some major football clubs. Dubbed ‘Socios 2.0’, the platform simply represents the digitisation of this model of management.
Telegram community: https://t.me/chiliz_io
About Binance Chain
Binance Chain, a blockchain software system developed by Binance and the community, is a community-driven project with developers and contributors from all over the world. Binance DEX is the decentralized exchange feature developed on top of the Binance Chain blockchain: https://www.binance.org/