Binance, world’s largest crypto currency exchange has invested in chiliZ which is blockchain based esports platform which aims to tokenzise the esports and sports industry.
chiliZ is inspired by a concept called “Socios” which basically allows fans of football clubs to be part of the management decisions. Think of it like a crowd-management concept which decentralises the club decisions to the fans.
For the time being, although chiliZ will focus on eSports only, but the bigger plan is to take the “Socios” concept through blockchain based tokenization to traditional sports as well.
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.”
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.”
chiliZ has already raised $27 million through an ongoing private placement and investment from Binance will be on top of that. 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). Together with China and Hong Kong-based Venture Capital shareholders, the team comprises 20+ creatives, developers and gaming industry veterans from around the world, all well-versed in regulated gaming and technology.