Sports Blockchain Venture Chiliz Announces Strategic Partnership With Binance Chain
Marie Huillet's original article for cointelegraph.com reduced by 52%
Sports blockchain venture Chiliz has announced a strategic partnership with Binance Chain, the mainnet of major cryptocurrency exchange Binance. As previously reported, Chiliz is a sports industry-oriented digital currency that powers the tokenized fan engagement platform and blockchain-powered mobile app, Socios.com. While crypto exchange Binance was already a backer of the Chiliz venture, Chiliz and Socios.com CEO Alex Dreyfus has underscored that the new integration with the Binance Chain mainnet will increase Socios.com's access to the liquidity pool of the worldwide Binance community.
According to the release, Binance Chain integration will enable Chiliz to deepen blockchain implementation in their consumer-oriented product, and to offer services such as "Instant payments, prepaid gift cards and micro-transactions for digital services." With Socios partner club fan tokens - such as PSG and Juventus - currently under development, the press release states that once $CHZ has been successfully integrated, these forthcoming fan tokens could also in future be issued on Binance Chain. Chiliz - which reportedly raised over $66 million through private placement from investors in 2018 - will reportedly release further news in coming weeks, in particular concerning the partial migration of ERC20 tokens to BEP2 - the technical standard for the Binance Chain mainnet. The Binance Chain mainnet was launched in April of this year, with the intent to build a basis for issuing new cryptocurrencies and initial coin offering tokens.
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