Chiliz Launches Cryptocurrency Exchange For Sports And Entertainment Tokens
Chiliz Launches Cryptocurrency Exchange For Sports And Entertainment Tokens
January 24, 2020
Chiliz Launches Cryptocurrency Exchange For Sports And Entertainment Tokens
Chiliz Launches Cryptocurrency Exchange For Sports And Entertainment Tokens
January 24, 2020

Chiliz, a Malta-based sports blockchain venture, is launching a cryptocurrency exchange for sports and entertainment tokens.

On January 23, it has been reported that Chiliz detailed Chiliz.net, the new exchange, which will roll out in February 2020, after the beginning of Fan Token Offerings ​for all of the Socios.com ​partner teams​. Socios.com is a tokenized fan-voting platform for sports powered by Chiliz tokens (CHZ).

However, Chiliz.net will be fully integrated with Socios.com by enabling users to transfer their fan tokens from a Socios wallet to the exchange, and vice versa.

Alexandre Dreyfus, the CEO of Chiliz and Socios.com, claimed that Chiliz.net will be the first crypto exchange that does not focus on traditional crypto products.

Users will be able to trade fan tokens for professional soccer teams Juventus (JUV)​, ​Paris Saint-Germain (PSG)​, Atlético de Madrid (ATM)​, ​A.S. Roma (ASR)​, ​Galatasaray (GAL)​ and ​West Ham United (WHU) on the new exchange.

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In March 2020, the company plans to add support for OG Esports’ fan token, OG.

By far, soccer is the most popular sport. So, according to FIFA’s audit of audience data following the 2018 World Cup in Russia, over 3.5 billion people tuned in to watch the global showpiece. This number suggests that half of the world’s population caught some of the action during the competition.

It has been analyzed that in May 2019, Chiliz entered a strategic partnership with Binance Chain, the mainnet of major cryptocurrency exchange Binance. At the time, Dreyfus noted that sports fans represent an addressable audience of billions globally, opening up the possibility of bringing blockchain to a wider audience through collaboration with the industry’s global brands and household names.

Binance Chain integration purportedly gives wider reaches to Chiliz’s consumer-oriented products and services like instant payments and prepaid gift cards.

Earlier in January, Dreyfus said that real mainstream utility tokens are far-flung from the likes of Bitcoin (BTC) and payments. 

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Thus, he explained:

“This is the usage of blockchain for something that is not payments, and that was conceived exclusively because of blockchain. We are not replacing something that was existing before, we have created a new usage and innovation (fan token, influence, etc …) and we use blockchain to support it.”

Source: cointelegraph.com


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.