Binance Invests In Blockchain-based Esports Voting Platform
Cryptocurrency exchange Binance has invested in Malta-based esports voting platform ChiliZ, which is powered by blockchain technology. The amount and terms of investment are not undisclosed.
The investment is part of Binance's plan announced last week to establish a cryptocurrency-based $1 billion fund by using its BNB tokens to back blockchain projects and crypto startups. This is probably its first investment after the announcement.
The investment is also Hong Kong-based Binance's first deal in Malta after it announced plans in late March to expand its operations to the small Mediterranean island nation, which is in the process of transforming itself into a fintech hub and a crypto-friendly "Blockchain island."
ChiliZ is a platform that allows both esports and sports entities to tokenize their voting rights to their fan bases to crowd-manage sports and esports organizations.
Real Madrid is collectively controlled by its 90,000+ "socios," while 170,000 partners hold decision-making power at FC Barcelona.
Binance and ChiliZ will work hand-in-hand to engage with the sports industry and develop a fan-driven token ecosystem for traditional sports teams.
ChiliZ has already secured more than $27 million in investments through an ongoing private placement phase.
ChiliZ's Token Generation Event will be executed via private placement, with multiple subsequent Air Drops done afterwards.