By
Chimamanda U. Martha
April 18th, 2024
By implementing fan tokens, Binance aims to expand the cryptocurrency world to sports fan with this new strategy with Chiliz – a global-trusted blockchain, and fintech project that developed Socios.com.
Binance, the world’s leading exchange platform, took a jump into the world of sports by announcing the integration of Juventus (JUV) and Paris Saint Germain (PSG) Fan Tokens on Binance Launchpool – by partnering with fintech provider Chiliz.
Now Binance is combining sports and crypto by allowing their users to farm in separate pools JUV and PSG tokens – by staking BNB (Binance Coin), BUSD (Binance USD), and CHZ (Chiliz Coin). The farming process starts December 15, UTC zone. Also, Binance will list JUV and PSG into their trading platform.
Breaking: @binance invests in @chiliz and launches Fan Tokens on Binance! Hello @juventusfc @PSG_inside 🙂 This is the beginning of a new chapter for the crypto adoption & sports industry. #bemorethanafan #tokenization https://t.co/Nm3ld2ho2s
— Alexandre Dreyfus 🇹🇷 (@alex_dreyfus) December 14, 2020
Users will have access to a total supply of 20,000,000 tokens on JUV and PSG and will be rewarded with a percentage of that amount. By now, there are more than 2,500,000 token circulations, 12 % of the total token supply.
Binance Is Expanding Crypto Usage to Sports Fans with Fan Tokens
By implementing Fan Tokens, Binance aims to expand the cryptocurrency world to sports fan with this new strategy with Chiliz – a global-trusted blockchain, and fintech project that developed Socios.com, a platform dedicated to sports fans adhered to Chiliz’s blockchain infrastructure.
CEO of Binance and Co-founder Changpeng Zhao alongside Alexandre Dreyfus, CEO of Chiliz, both had words to say about the integration of Chiliz into the Binance platform.
“Chiliz became a part of the crypto world through Fan Tokens, which has shown huge potential in bringing crypto to mainstream audiences all around the world. We’re delighted to welcome Chiliz to the Binance ecosystem and look forward to empowering both fan engagement and crypto adoption among a captive audience of billions,” stated Zhao.
“Binance has been a strong supporter of Chiliz since day one, but this new partnership really seals our original vision of tokenizing the sports & entertainment industry over the next 5-7 years. In just under 3 years, we have already established ourselves as the leading force in this space, but this partnership gives us renewed strength and credibility to create the leading global fan engagement & monetization ecosystem. Chiliz aims to onboard many more partners from the worlds of sports & entertainment over the next few years,” commented Dreyfus.
Socios.com offers blockchain-based products for sports fans and is a partner of some of the biggest names in the world of sports, such as football, like FC Barcelona, Juventus, Paris Saint Germain, and Esports (Electronic Sports) like the Ultimate Fighting Championship (UFC).
Fan Tokens can provide immense opportunities to Binance, and to bring interest to sports users in cryptocurrencies. The FC Barcelona’s Token offering, depleted in less than 15 minutes, making profits as high as $1,300,000 – and Trabzonspor, a Turkish football team, generated 5,000,000 TRY (Turkish lira) in only 5 minutes.
Now, users from Twitter and traders are expecting a bullish run for the BNB trading with this new strategy.