Binance and Entertainment Fan-Token Issuer Chiliz

Cryptocurrency exchange Binance continues to surprise with interesting projects. Interestingly, a famous exchange signed a strategic partnership with sports and entertainment fan-token issuer Chiliz. Importantly, as the first milestone of this cooperation, Chiliz fan-tokens for Paris Saint Germain (PSG)  and Juventus (JUV) football clubs would be the latest featured on its Launchpool platform. 

As a reminder, the platform allows customers to stake tokens for up to 30 days to farm certain reward assets, just before those assets are listed in Binance’s innovation zone. Importantly,  this provides an instant marketplace for farmed assets.

It is worth noting that, these listings will enable customers to stake Binance Coin, Binance Dollar, and Chiliz against either PSG starting December 15. Moreover, the cryptocurrency exchange will then open trading pairs between each of the fan tokens and Binance Coin, Binance Dollar, and Chiliz at 06:00 UTC on December 21. 

Importantly, the launchpool rewards consist of around 210,000 JUV as well as 180,000 PSG. Notably, the BNB pools will receive the bulk of these (70%) with 20% going to the Chiliz pools, and 10% to Binance Dollar.

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It is worth noting that, reward distribution will also vary over time, with 8.33% of the total available reward being framed daily for the first six days, before the trading pairs launch. However, this figure then drops to 2.5% per day between December 21 and 28. Also, followed by a further drop to 1.875% per day from December 29 to January 13. 

People should take into account that, Binance was an early investor in the Chiliz platform. Moroever, this announcement lays out a partnership vision for the longer-term future. The platform has huge potential when it comes to popularizing crypto. 

Interestingly, Chiliz is actively signing partnerships with major football teams along with other sporting franchises like the UFC. Moreover, it plans to sign contracts with more partners in the future. 

Moreover, Chiliz and Socios platform that it operates recently launched a Visa debit card, offering fan-token rewards for making purchases. 

Binance made the right decision. Thanks to a strategic partnership with Chiliz it will be easier to make cryptocurrencies more popular around the world. Moreover, other cryptocurrency exchanges should also pay more attention to such projects. Thanks to similar partnerships more people will learn about cryptocurrencies. It will be easier to make cryptocurrencies part of everyday life. Also, companies should work together to reach this goal.