Sports Blockchain Project Chiliz Enters Into Partnership with Binance Chain
Chiliz, a sports blockchain venture, unveiled a joint venture with the Binance Chain, the native blockchain of cryptocurreny exchange Binance. Chiliz ($ CHZ) is a sports-focused sports-oriented digital currency powering Socios.com, the tokenized fan participation platform and blockchain-based mobile app.
As of today, high-profile Socios associates have included significant sports clubs Paris Saint-Germain and Juventus, who are planning to use the platform to introduce fan token products for their club-branded tokens that will bestow voting privileges for club-related surveys and give benefits to their owners.
Although crypto exchange Binance was also a Chiliz project backer, Alex Dreyfus, CEO of Chiliz and Socios.com, emphasized that the latest incorporation with the mainnet of the Binance Chain will boost Socios.com’s access to the global Binance community’s liquidity pool.
Regarding the partnership, 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.”
Sport supporters, Dreyfus stated, constitute a 3.5 billion worldwide crowd that can bring blockchain to the general public in cooperation with international brands and celebrities in the sports sector. The concept was mirrored in the media communiqué by the Binance CEO Changpeng Zhao:
“Sports is the perfect vehicle through which to educate mass consumers about the potential and the utility of blockchain technology.”
Dreyfus added “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.”
The incorporation of the Binance Chain enables Chiliz to strengthen the blockchain adoption in its consumer-focused Product and to provide facilities such as “instant payments, prepaid gift cards and micro-transactions for digital services.” The news release says that once the $CHZ has been effectively incorporated, it will be possible to issue Socios partner club fan tokens–including PSG and Juventus–that are in development.
Chiliz–which allegedly earned more than $66 million in 2018 via private placement of investor–will supposedly publish more details in the next few weeks, especially on the partial transfer of ERC20 tokens to BEP2, the Binance Chain mainnet’s technical norm.
Both Binance and Chiliz will conduct a meeting in Seoul, South Korea on 27 May and Singapore on 28 May, to promote this alliance. Juventu’s Head of Partnerships Tomas Aricó and Juventus Legend David Trezeguet will join delegates of Chiliz & Binance to address the significance of fan participation and the use of blockchain In football.
Specifically, this April, the recent leading associate in the Sociosclub was West Ham United based in London, playing in the English Premier League. Also in April, the Netherlands based crypto-company Libereum purchased the Spanish soccer team Elche CF for $4.9 million, as portion of their plans to create their ERC20 token, Liber, a compulsory payment method in stadiums in those clubs they own.
In December 2018, Atletico Mineiro, Brazilian premier league soccer club, introduced a spectator utility token named “GaloCoin.”