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Fan Token Platform Chiliz Plans to Splash $50M on Expansion Into US Sports Leagues
The Malta-based firm aims to launch fan tokens with clubs from the five major U.S. sports leagues.
Chiliz, a Malta-based platform providing fan tokens in partnership with sports clubs, says it plans to spend $50 million on an expansion in the U.S.
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The company will be opening an office in New York and will launch fan tokens for U.S. sports leagues, CEO Alexandre Dreyfus told Reuters Tuesday.
The Malta-based company has so far put its focus on soccer, with its tokens allowing fans to vote on club polls and receive incentives and prizes. This type of fan interaction can provide a "new digital revenue source" for sports organizations, according to Dreyfus.
“A huge focal point for us in our global growth plans is the U.S. That’s why we’re ... investing $50 million into the country’s sports industry in order to launch Fan Tokens with leading franchises from the five major U.S. sports leagues,” he told Reuters.
Read more: Benchmark Leads $50M Round for Digital Soccer Collectibles Platform Sorare
On Feb. 25, the firm said it has so far partnered with 23 sporting and esports organizations, including top soccer clubs such as FC Barcelona, Juventus and Paris Saint-Germain, to launch fan tokens on its blockchain-based platform Socios.com. Its Milan FC token launched on the Binance exchange at the time, and the company reported $50 million in trading volume in the opening 30 minutes.
According to Dreyfus, the fan token market cap is currently worth $194 million and has generated $30 million in revenue for clubs and partners in 2020.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
