By
Chainwire
May 9th, 2024
The SBI DAH will acquire a stake in Chiliz Japan Joint Venture to allow Japanese fans to start participating in the global fan communities.
Chiliz (CHZ), a leading blockchain provider for sports and entertainment, has announced a strategic partnership with SBI Digital Asset Holdings Co Ltd (SBI DAH) to introduce fan tokens in the Japanese market. According to the announcement, both Chiliz and SBI DAH intend to establish a joint venture in Japan.
As a result, SBI DAH will become the first Japanese enterprise to search as a node operator on the Chiliz Chain. Ultimately, SBI DAH intends to acquire a stake in the Chiliz Japan Joint Venture. As Coinspeaker previously explained, SBI Japan has been working with other blockchain firms led by Ripple Labs.
According to Fernando Luis Vázquez Cao, the Chief Executive Officer of SBI DAH, the partnership with Chiliz will underpin its commitment to engaging web3 technology in the future.
“Technology is an enabler in the new world, and we are pleased to bring new experiences to the Japanese audience by working with strong players like Chiliz. The partnership between SBI DAH and Chiliz will bring together the best-in-class capabilities of both traditional finance and Web3, leveraging fintech innovations to transform the sports and entertainment experiences for communities,” Vázquez noted.
Similar sentiments were echoed by Alexandre Dreyfus, the Chief Executive Officer of Chiliz, who added that the partnership will help widen the adoption of fan tokens particularly in Japan.
“Japan has one of the most advanced and exciting developer communities in the world and we are proud to be working with SBI to help provide the Web3 infrastructure and tools for these developers to lead the next generation of experiences for sports entertainment brands,” Dreyfus added.
Market Picture of Chiliz and SBI DAH’s Partnership
The partnership between SBI DAH and Chiliz will be a huge growth opportunity for CHZ altcoin and its fan tokens. According to the latest market data, CHZ had a fully diluted valuation (FDV) of about $1 billion and a daily average trading volume of around $92 million at the time of this writing.
Additionally, the Socios platform has registered more than 70 sports teams led by Manchester City, Arsenal, UFC, Juventus, AC Milan, and PSG, among many others. As a result, the Chiliz-based fan tokens had a cumulative trading volume of more than $300 million.
Furthermore, Chiliz-based fan tokens are available for trading on more than 20 third-party cryptocurrency exchanges.
As Coinspeaker explained, the Japanese government has enacted clear and tougher regulations to ensure a safer adoption of digital assets and web3 products. More global Web3-focused companies have shown interest in building crypto-related products in Japan amid heightened demand from retail traders and institutional investors.
Furthermore, the recent approval of spot Bitcoin and Ethereum ETFs in Hong Kong has underpinned the high demand for digital assets among Asian investors.