Blockchain sports company Chiliz is expanding in the US with a $ 50 million investment


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Big blockchain sports company Chiliz is planning a $ 50 million expansion into the US, CEO Alexandre Dreyfus announced on Tuesday.

Dreyfus told Cointelegraph that the company will open an office in New York and work with local leagues and sports franchises.

New York is “the headquarters of the US sports industry,” said Dreyfus, emphasizing that the new office will be critical to Chiliz’s global expansion. In a Reuters interview, Dreyfus said the company was preparing to launch fan tokens with franchises from the five major US sports leagues.

Chiliz has generated millions in revenue for some of the largest sports organizations in Europe. “In 2020 we shared more than $ 30 million with our partners, but this year we’re aiming for a minimum of $ 60 million,” said Dreyfus.

Chiliz is headquartered in Malta and has many years of experience in providing fan tokens for popular European football clubs such as FC Barcelona, ​​Juventus and Paris Saint-Germain. By issuing blockchain-based fan tokens at Chiliz, sports organizations and clubs can unlock new experiences with fan engagement such as fan voting and direct communication with players.

Chiliz works closely with its fan engagement platform Socios and is known to partner with some of the largest companies in the cryptocurrency industry. In late 2020, Chiliz announced a partnership with Binance – the world’s largest cryptocurrency exchange – to list the fan tokens of several European clubs on Binance’s Launchpool platform.

Joseph Edwards, head of research at Enigma Securities, a cryptocurrency broker, believes Chiliz’s entry into the US is perfectly planned due to COVID-19 restrictions. “Fan tokens hit the perfect itch at the perfect time – fans are physically separated from their fandom, and this helps fill that void,” Edwards said in a Reuters report.