Chiliz ($CHZ), the sports venture cryptocurrency that fuels sports and entertainment platforms, has announced a strategic partnership with Binance Chain, the new blockchain by the leading global cryptocurrency exchange Binance, according to an official press release on May 16.
— Chiliz ($CHZ) (@Chiliz) May 16, 2019
For those of you that don’t know, Chiliz is a cryptocurrency that fuels blockchain-backed platforms and products geared towards mainstream consumers in the sports industry. One of the primary platforms $CHZ is used on is the blockchain-based tokenized sports fan engagement platform, Socios.com.
The Socios platform enables fans to engage with their favorite sports teams who partner with the platform by participating in tokenized voting polls for various things such as the changing of a team logo, event locations, etc.
The platform also rewards its users with unique prizes when they are participating in voting polls, challenges, prediction games, and more.
Why Partner With Binance Chain?
Prior to the Binance Chain partnership, Chiliz was already backed by the Binance crypto exchange, therefore the partnership probably has something to do with Binance influencing the cryptocurrency to join their blockchain so it achieves more adoption.
Moreover, Chiliz and Socios.com CEO Alex Dreyfus says the integration of the project with Binance Chain is being done in an effort to increase Socios.com’s access to the liquidity pool of the global Binance community.
Binance CEO Changpeng “CZ” Zhao welcomes Chiliz with open arms, seeing as the exchange has backed this project and is attracted to its addressable audience of 3.5 billion people globally.
“Sports is the perfect vehicle through which to educate mass consumers about the potential and the utility of blockchain technology.”
Furthermore, the Chiliz Binance Chain integration will purportedly enable the project to deepen its blockchain implementation by offering services such as instant payments, prepaid gift cards, and micro-transactions for digital services.
Currently, Chiliz is based on the Ethereum blockchain and is, therefore, an ERC-20 token. All in all, the decision to migrate over to Binance’s blockchain appears to be highly influenced by the Binance exchange, as they are a backer of the project to begin with.
Whether Chiliz will be more successful on Binance Chain is yet to be determined, but with Binance’s global influence and community, the project is expected to do well.
Do you think crypto projects are switching to Binance Chain for their technology or simply for better market exposure? Let us know what you think in the comment section below.