Leading cryptocurrency exchange Binance is going to make an investment in chiliZ’s new tokenization platform for the esports and sports industries.

chiliZ is a subsidiary of Malta-based Mediarex Group, a global sports and entertainment organisation, founded in 2006, and is a member of the Enterprise Ethereum Alliance (EEA). It is inspired by the “Socios” crowd-management concept of Real Madrid & FC Barcelona and allows both esports and sports entities to tokenize their voting rights to their fan bases.

The startup has already raised over $27 million through an ongoing private placement phase.

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

In its official release, chiliZ said that it will work closely with Binance 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.

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