Binance Joins Hands with ChiliZ, the Sports and Esports Platform

By Apeksha Duhan
Published June 5, 2018 Updated May 14, 2020
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Binance Joins Hands with ChiliZ, the Sports and Esports Platform

By Apeksha Duhan
Published June 5, 2018 Updated May 14, 2020

Malta-based ChiliZ announced earlier in the day that it has joined hands with Binance, the crypto exchange giant. Binanace, with more than 9 million users and more than $1.5B worth of daily volume, will be investing in the new tokenization platform in an attempt to capture esports and sports industries. The joint initiative will provide enthusiastic fans with actual power to help guide a particular sports or esports entity in the upcoming days.

Tokenizing sports industries

Within the limited years since its inception, ChiliZ has traveled a long way. The firm acts as a tokenized voting platform, making crowd managed sports a reality. The inspiration to do so comes from the concept of ‘socios’ in traditional sports with around 90,000 and 17,000 socios holding the decision making the power of Real Madrid and FC Barcelona respectively.

The team has already secured $27 Million solely through private token placement back in April, 2018. Several esport teams and leagues have shown great enthusiasm towards the project, which is bound to revolutionize the interactions between fans and their favorite teams. The radical fan management will take place using blockchain technology.

Also, read: SEC Makes a Move Towards Crypto Regulations, Appoints its First-ever Crypto Chief

The joint venture

Both Binance and ChiliZ believe that the video gaming space, an industry worth $110 Billion has huge growth potentials for blockchain technology, and consecutively for the tokenization industry. The two firms will work collectively to engage with the sports industry and help create an ecosystem that is fan-driven for traditional sports teams, while at the same time looking for new means of innovation and diversity.

Changpeng Zhao, the CEO of Binance has publicly congratulated ChiliZ, thanking them for helping Binance in the collective growth. He further added that

“chiliZ is a creative way to embrace blockchain technology, aimed at building tools and services for mainstream adoption in industries that have a massive global growth rate. We are thrilled to support the team behind the project, and to help make them a success.”

ChiliZ has also enthusiastically welcomed the investment from Binance, as it will not only enable the firm to delve deeper into technical knowledge, innovation, and creativity but will also help in securing a global stance.

CEO of chiliZ, Alexandre Dreyfus has said that:

“Binance’s significant investment in chiliZ will boost our current private placement offering and help us to move faster. Their support will help us deliver our vision globally, increase our visibility in the blockchain ecosystem and empower our technical vision. I’m also excited that Binance is setting-up in Malta, where we will be able to share resources, enabling a more strategic partnership.”

The Malta-based ChiliZ, after the tie-up, will be close to the new Binance operations, enabling the two to build strong and innovative blockchain ventures in the sports industry, potentially creating history in the field.

Do you think this collaboration in the coming days will give way to a wheel of change in the sports industry? Share your thoughts with us!


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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