The leading cryptocurrency exchange Binance has expanded its partnership with the blockchain-based provider of sports and entertainment entities, Chiliz. The first direct result of this will be the distribution of Juventus and PSG Fan Tokens through Binance Launchpool.
Binance Doubles-Down On Chiliz
The Malta-based giant trading venue announced the new endeavor in a press release shared with CryptoPotato. According to it, as an early investor in Chiliz, the company has decided to allocate additional funds into the popular fintech sports project.
As the operator of the influence and rewards platform Socios, Chiliz has already signed partnerships with some of the most notable sporting names. Those include the soccer giants Paris Saint-Germain, Juventus, Galatasary, AS Roma, Atletico de Madrid, and Barcelona.
The platform has also established relationships with Esports team OG and Navi, and UFC (Ultimate Fighting Championship).
Socios is powered by the utility token CHZ and serves as an active non-financial, consumer-facing mainstream blockchain network that has been downloaded nearly 400,000 times in a year.
The platform has sold over 14 million Fan Tokens and has registered more than 700,000 votes on the blockchain. Those include FC Barcelona’s (BAR) Fan Token Offering that generated $1.3 million and was sold out in 20 minutes, and Trabzonspor’s FTO – sold out in 5 minutes and raised 5 million TRY.
PSG And Juventus On Binance Launchpool
Binance Launchpool enables users to stake different tokens and acquire new coins in return as rewards. As part of the latest collaboration between Binance and Chiliz, Binance Launchpool will integrate socios.com to offer some of the Fan Tokens.
The first two such tokens will be the soccer champions of Italy and France – Juventus and Paris Saint-Germain (PSG), respectively.
Users will be able to stake BNB, BUSD, or CHZ tokens into separate pools starting from December 15th, 2020, at 0:00 AM (UTC) to January 14th, 2021, at 0:00 AM (UTC). The exchange will then list the two Fan Tokens in the innovation zone on December 21st, 2020, at 6:00 AM (UTC) and open trading against bitcoin (BTC), tether (USDT), and Binance USD (BUSD).
“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.” – said Binance CEO Changpeng Zhao.
Source: Crypto Potato