A huge crypto exchange just invested in Blockchain Esports

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On June 5, one of the largest cryptocurrency exchanges – Binance – announced its plans to collaborate with chiliZ esports. According to the press release, the partnership will involve sizeable investments, although the exact numbers have yet to be disclosed. Now, Binance has already made a splash in the crypto scene, as indicated by its daily trading volume of almost $1.5 billion.

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However, chiliZ is more of a dark horse. Still, its goals are incredibly ambitious, as the company aims to create a blockchain-based platform to help sports and esports fans manage professional organizations. Now, the concept might sound like something out of the left field, but that’s not quite the case. In fact, successful football clubs like Barcelona and Real Madrid have implemented similar ideas by allowing their fans (aka socios) to make major decisions like controlling budgets or electing Club Presidents. The model seems to be working, and Barcelona and Real Madrid are some of the biggest names in football.

SEE ALSO: Esports is Huge! Can Blockchain Make it Bigger?

Of course, not every fan gets to call the shots. In the case of above mentioned football clubs, you need to pay a yearly membership fee to acquire voting rights. chiliZ is planning to do things the same way, but instead of euros and dollars, you’ll be using blockchain tokens. And instead of football, you’ll gain access to a wide range of sports franchises and esports titles!

This concept already gained a lot of traction, and chiliZ has gathered a whopping $27 million in investments. But the partnership with Binance is set to elevate the platform to the next level. For now, chiliZ is looking to focus its efforts on the esports side of things, which is great news for fans of competitive games like League of Legends, Dota 2, and CS: GO. That said, Binance made it very clear that it’s also going to help chiliZ reach the global sports market.

So… will this work? It’s hard to tell for certain. The exact details of the deal are still unknown, but both companies set grand goals, and they have the means to achieve them. With that, we might very well see blockchain and esports merge in a new and exciting way.

SEE ALSO: Esports Bitcoin Betting: a match made in Heaven

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Author
DaniilV - "daniilv" | Esports Writer and Editor - Passionate about League of Legends

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