BINANCE STRENGTHENS PARTNERSHIP WITH CHILIZ, OPERATOR OF SOCIOS.COM

Major cryptocurrency exchange Binance has significantly increased its investment in Chiliz, operator of Fan Token platform Socios.com.

An early investor in Chiliz, Binance has now extended its partnership with additional investments into the Malta-based company which focuses on the fintech sports space. The first major milestone of the partnership will be the allocation of Fan Tokens through Binance Launchpool. 

Partnered with the biggest sporting properties

Chiliz’ Socios.com fan influence and rewards platform is already partnered with some of the world’s biggest sporting properties, including football teams FC Barcelona, Juventus, Paris Saint-Germain, Galatasaray, AS Roma & Atletico de Madrid; esports teams OG, NAVI, & Alliance, and the UFC & PFL. 

Socios.com is powered by the $CHZ utility token, and is now one of the most active non-financial, consumer-facing mainstream blockchain products in the world. Since launch just over a year ago, it has been downloaded by more than 370K people, over 14M Fan Tokens have been sold, and over 700K votes registered on the blockchain. 

Notably, FC Barcelona’s Fan Token ($BAR) Offering sold out in just 20 minutes, raising $1.3M USD, while the FTO from Turkish team Trabzonspor generated 5M TRY in under 5 minutes. 

Binance Launchpool

With Binance Launchpool, users will be able to acquire new token rewards in return for staking different tokens. The first Socios.com partners to be involved with Binance Launchpool will be Paris Saint-Germain (PSG) and Juventus (JUV) Fan Tokens. Users will be able to stake BNB, BUSD, or CHZ tokens in separate pools, starting from 2020/12/15 at 0:00 AM (UTC) to 2021/1/14 at 0:00 AM (UTC).

Binance will then list Paris Saint-Germain Fan Tokens (PSG) and Juventus Fan Tokens (JUV) in the innovation zone at 2020/12/21 6:00 AM (UTC) and open trading for PSG/BTC, PSG/USDT, PSG/BUSD, JUV/BTC, JUV/USDT and JUV/BUSD trading pairs.

Discussing the news Binance CEO and Founder, CZ (Changpeng Zhao), said:

“Chiliz became a part of the crypto world through Fan Tokens, which has shown huge potential in bringing crypto to mainstream audiences all around the world. We’re delighted to welcome Chiliz to the Binance ecosystem and look forward to empowering both fan engagement and crypto adoption among a captive audience of billions.”

While CEO & Founder of Chiliz, Alexandre Dreyfus, added:

“Binance has been a strong supporter of Chiliz since day one, but this new partnership really seals our original vision of tokenizing the sports & entertainment industry over the next 5-7 years. In just under 3 years, we have already established ourselves as the leading force in this space, but this partnership gives us renewed strength and credibility to create the leading global fan engagement & monetization ecosystem.

“Chiliz aims to onboard many more partners from the worlds of sports & entertainment over the next few years. With new features, gamification, leaderboards & NFT-based events being released in the coming weeks, Socios.com is the leading venture in this space. Whilst Socios.com is the utility platform, $CHZ – the app’s exclusive currency – is the utility token that sits between hundreds of thousands of branded digital assets.”

AYO.NEWS says:

Having the backing of one of the world’s biggest and most experienced blockchain and crypto companies, Binance, can only be a good thing for Chiliz and its Socios.com platform as it tries to encourage adoption, and it will be interesting to see if this gives a decent boost in 2021. 

However, it’s worth keeping things in perspective at this point. Although Chiliz and Socios.com have formed some very impressive partnerships over the past year, onboarding some of the biggest names in sports, 370K downloads isn’t exactly massive adoption considering the collective fan bases of the clubs. And, while the enhanced partnership with Binance will certainly give Fan Tokens more exposure in the cryptosphere, it probably won’t do much to sell the concept to the vast majority of fans. 

It looks like its going to be an interesting 2021 for Chiliz and Socios.com, and we’re looking forward to seeing a bunch of new partners sign-up.

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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