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Binance has just announced that it is partnering with chiliZ, a blockchain-based sports and esports voting platform, Cointelegraph reported. The joint venture is meant to develop a fan-driven ecosystem in both industries, elevating the relationship between teams and their supporters.
ChiliZ acts as a tokenized voting system that allows crowd-managed sports to take place. The business model of the firm is directly inspired by the concept of “socios” in traditional sports. For instance, Real Madrid and FC Barcelona have 90,000 and 17,000 respective “socios” that hold the decision power for both teams.
Before Binance’s announcement, the Malta-based chiliZ was already doing well for itself, securing $27 million in private token placement alone. With this new partnership, that funding has grown bigger.
Binance recently announced that its investment fund worth $1 billion aims to facilitate the growth of blockchain technology in the current market. This partnership is but one of the many pieces being moved across the board to achieve that goal.
Binance CEO Changpeng Zhao publicly congratulated chiliZ on helping the company realize this endeavor. “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,” Zhao said.
In turn, chiliZ also thanked Binance for its support, saying the funding will help them explore areas around technical knowledge, innovation and creativity. Moreover, the partnership will also strengthen chiliZ’s global foothold, increasing the company’s popularity and exposure to the sports and esports industry.
The amount of funding chiliZ will receive remains undisclosed, but Binance did say in the past that companies they’re looking to partner with will be given an average monetary allocation of $1 million to $10 million. The partnership also didn’t come as a surprise for some since Binance execs announced in March that they’re moving to Malta because it’s “very progressive when it comes to crypto and Fintech.”
