What Happened: Chiliz (CRYPTO: CHZ), the native token of a sports blockchain platform Chiliz, has rallied over 200% in the past week.
Following the boom in Non-Fungible Tokens (NFTs), the sports blockchain venture that provides fan tokens in partnership with sports clubs saw the price of its native token skyrocket.
The company announced a series of partnerships in the past week, including plans to expand operations within the U.S.
Chiliz’s expansion to the U.S will involve the firm investing $50 million to the cause.
“We head to the U.S. with a proven track record in generating millions of dollars of revenue for some of Europe’s biggest sporting organisations. In 2020, we shared more than $30 million with our partners, but this year we’re targeting a minimum of $60 million,” said Chiliz CEO Alexandre Dreyfus to Reuters.
4 Min Read
MANCHESTER, England (Reuters) - Blockchain sports venture Chiliz, which is heavily involved in European soccer, will invest $50 million in an expansion to the United States, chief executive Alexandre Dreyfus has told Reuters.
The company based in Malta offers tokens to fans which allow them to vote in a series of polls and receive special promotions and rewards, creating what it calls a “new digital revenue stream” for sports organisations through engagement with global fan bases.
The fan tokens are listed on Binance, one of the world’s biggest cryptocurrency exchanges, and last week Serie A club AC Milan became the latest team to launch their token, generating $6 million of revenue in the first day.
Bitcoin fell on Monday after surging to its latest record high a day earlier as a sell-off in global equities curbed risk appetite, with some investors also citing concerns about the rapid rise in the price of the virtual currency.
Bitcoin plunges after weekend climb to record high
By Tom Wilson
Reuters
LONDON (Reuters) - Bitcoin fell on Monday after surging to its latest record high a day earlier as a sell-off in global equities curbed risk appetite, with traders citing the unwinding of highly leveraged long positions in the cryptocurrency.
The most popular cryptocurrency fell 8% to under $53,000, setting it on course for its worst day in a month. It was last down 7.5% at $53,177.
Bitcoin rallied on Sunday to a peak of $58,354, with its latest bout of weekend price moves taking its gains so far this year to almost 100%. Its market capitalisation grew to $1 trillion on Friday.