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Binance Chain In Deal With Chiliz Token

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Blockchain software system Binance Chain teamed with Chiliz ($CHZ), a digital currency for sports and entertainment platforms, to expand tokenization of sports teams. Binance Chain is the new blockchain from cryptocurrency exchange Binance.

The Chiliz token is primarily used as a native token of the popular blockchain-based tokenized sports fan engagement platform, Socios.com.

The platform is powered by Malta-based esports voting platform ChiliZ, which allows both esports and sports entities to tokenize their voting rights to their fan bases to crowd-manage sports and esports organizations.

The $CHZ token will also allow sports fans to participate in club-related polls and access exclusive rewards with the purchase of club-branded Fan Tokens.

Socios.com has already struck blockchain-and crypto-partnerships with footballing giants such as French soccer club Paris Saint-Germain (PSG), Italian soccer club Juventus and most recently UK's English Premier League soccer club 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.

Chiliz is currently an ERC-20 token based on the Ethereum blockchain. However, the token will be migrated to Binance Chain under this partnership.

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