• bitcoinBitcoin$18,735.71-7.22%
  • ethereumEthereum$1,280.13-7.55%
  • elrond-erd-2Elrond$46.09-3.93%

Fan Token Platform Chiliz to Spend $50M on Expansion Into the US Market

Recent reports reveal that Chiliz plans to expand into the US with a $50 million investment and launch fan tokens for the five major US sports leagues. 

The announcement was made by CEO Alexandre Dreyfus, who also unveiled the firm’s plans to open an office in New York in order to start working with local sports franchises and leagues. Regarding the new office’s location, the CEO said that New York is “headquarters for the sports industry in the U.S,” and that this step will play a major role in the firm’s global expansion. 

“A huge focal point for us in our global growth plans is the U.S. That’s why we’re … investing $50 million into the country’s sports industry in order to launch Fan Tokens with leading franchises from the five major U.S. sports leagues.” – Chiliz CEO Alexandre Dreyfus

The Malta-based company has provided fan tokens to European soccer clubs for quite some time now. Such clubs include Juventus, FC Barcelona, and Paris Saint-Germain. The blockchain-based fan tokens enable sports organizations to provide their fans with new experiences, such as direct communication with players. Moreover, fans can vote on club polls and receive rewards and special promotions.

Additionally, as Dreyfus said, this type of interaction between fans and sports clubs can provide the latter with a “new digital revenue source.” 

Chiliz has worked with some of the biggest names in the crypto space, such as Binance with which the firm entered a partnership in 2020. Fan tokens of several European clubs were listed on Binance’s Launchpool platform through this collaboration.

According to Dreyfus, Chiliz shared more than $30 million with its partners in 2020, and the firm is targeting a minimum of $60 million this year. He has also said that the fan token market cap is now worth $194 million.

Previous articleNext article

Leave a Reply

Your email address will not be published.