Binance Chain, a new cryptocurrency blockchain by Binance, and Chiliz ($CHZ) have joined forces to bring sports teams to the crypto space. Chiliz announced the news last Friday. 

In an effort to encourage the tokenization of sports teams, Chiliz ($CHZ), a digital currency for sports and entertainment platforms, started a strategic partnership with Binance Chain, the blockchain network of cryptocurrency exchange Binance.

The partnership was announced on Twitter:

At the moment, the Chiliz token ($CHZ) is the official, exclusive cryptocurrency fuelling the Socios.com platform. Socios.com itself is a voting platform that connects fans to their favorite football clubs.

Socios.com is doing quite well in the sport industry. Recently, the platform signed blockchain-and crypto-partnerships with Paris Saint-Germain (PSG), Juventus and West Ham United.

The partnership with Binance Chain will allow Chiliz to integrate blockchain into their platform’s consumer-facing product to offer blockchain-powered services such as instant payments, pre-paid gift cards and micro-transactions for digital services. Fan Tokens the sports clubs may also eventually be issued on Binance Chain.

At the time of writing, Chiliz is still an ERC-20 on the Ethereum blockchain. It is, however, expected that the token will soon be migrated to Binance Chain in light of the strategic partnership.

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