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:
— Chiliz ($CHZ) (@Chiliz) May 16, 2019
At the moment, the Chiliz token ($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.