Binance Partners with Chiliz to Facilitate Football Tokens Farming

Popular cryptocurrency exchange, Binance has recently partnered with Chiliz, a blockchain sports provider to bring about an interesting concept. The long-term partnership is aimed at first, issuing fan-tokens of two famous football clubs.

Football Fans can now be Rewarded for Staking

This was announced on Monday by Chiliz via a Medium post. The fan tokens, which are for Paris Saint Germain (PSG) and Juventus FC will be released via Binance’s Launchpool. Chiliz says this is the first step in a long partnership with Binance. Chiliz also intends to work with Binance for a long time. Notably, this is not the first time the exchange will be partnering with Chiliz. 

Via Launchpool, Binance users could also stake BNB, BUSD, or CHZ the native token of Chiliz. This staking would run from today, till January 14. According to the post, both tokens will be listed on the Launchpool platform by December 21, around 6 am (UTC). The previously staked coins will then be used to earn rewards. Each of the tokens will be available to trade as pairs against BTC, USDT, and BUSD. 

Crypto Meets Passion, Thanks to Chiliz

Speaking on the partnership, Binance CEO, Chanpeng Zhao said Binance was delighted to usher in Chiliz to the Binance ecosystem. He further said Binance “looks forward to empowering both fan engagement and crypto adoption among a captive audience of billions.” He praised Chiliz for how they brought crypto Into the works of sports, and people in general.

Chiliz owns Socios.com, a platform that rewards fans in entertainment and sports. Socios.com is a leading consumer-centric blockchain network. Since 2019, it has had 300,000+ downloads to its credit and has facilitated the sale of at least 14 million fan tokens. It currently collaborates with big names in sport such as  FC Barcelona, Atletico Madrid and AS Roma. Socios.com is backed by CHZ, the utility and natibe token of Chiliz. According to Chiliz CEO Alexandre Dreyfus, CHZ is the “utility token that sits between hundreds of thousands of branded digital assets.”

With the company seeking to delve further into the sporting world, the addition of Juventus and PSG tokens is commendable. It solidifies Chiliz’s position as the leader In crypto-sports.