Binance to invest in Malta-based company chiliZ

Binance back new tokenisation platform for the esports and sports industries

chiliZ  has announced that Binance will invest in their new tokenisation platform for the esports and sports industries. Binance is one of the world’s largest crypto exchanges, with more than 9 million users and $1.5 billion in daily volume.

Both industries share similar demographics, with users and audiences tending to be well connected and educated. These affluent millennials have an interest in virtual currencies and experience in trading digital assets.

Inspired by the “Socios” crowd-management concept of Real Madrid & FC Barcelona, chiliZ is a platform that allows both esports and sports entities to tokenize their voting rights to their fan bases.

It is thought that the video gaming space, which is a $110 billion industry is likely to become one of the next major industries to through its weight behind blockchain and adopt its services. Both companies share the belief that mainstream consumption will become more viable with its 300mm esports fans.

chiliZ, which has already raised over $27 million through an ongoing private placement phase, have welcomed the investement from Binance as it will enable sharing of technical knowledge and innovation.

Binance CEO & Founder, Changpeng Zhao said: “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.”

Although the chiliZ platform will commence with esports teams and leagues, Binance and chiliZ will work hand-in-hand to engage with the sports industry and develop a fan-driven token ecosystem for traditional sports teams, and scaling the concept of “Socios” all over the world.

Alexandre Dreyfus, CEO of chiliZ, said: “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.”

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