Cryptocurrency exchange Binance has announced a strategic partnership with sports and entertainment fan token issuer Chiliz.
On December 14 postthe exchange announced that, as the first milestone of this partnership, Chiliz fan tokens for Paris Saint Germain (PSG) and Juventus (JUVfootball clubs are said to be the newest on the Launchpool platform.
Such as Cointelegraph reportedLaunchpool platform allows users to stake tokens for up to 30 days to grow certain reward assets, just before those assets are listed in Binance’s innovation zone. This provides an immediate marketplace for cultured assets.
Binance will then open trading pairs between each of the fan tokens and BSB, BUSD and CHZ, at 06:00 UTC on December 21.
The launch pool rewards consist of approximately 210,000 JUV and nearly 180,000 PSG. Most of this (70%) will be allocated to the BNB pools, of which 20% to the Chiliz pools and 10% to Binance Dollar.
The distribution of rewards will also vary over time, with 8.33% of the total available rewards being grown daily for the first six days, before the trading pairs are launched.
This figure then drops to 2.5% per day between December 21 and 28, followed by a further drop to 1.875% per day from December 29 to January 13.
Binance was an early investor in the Chiliz platform, and this latest announcement outlines a longer-term partnership vision for the future.
Binance CEO, CZ, claims the platform “has tremendous potential to bring crypto to the mainstream public,” while Chiliz CEO Alexandre Dreyfus explained that:
“This new partnership truly seals our original vision of symbolizing the sports and entertainment industry for the next 5-7 years.”
Chiliz has actively signed partnerships with major soccer teams, along with others sports franchises such as the UFC, and has plans to get many more partners on board.
Such as Cointelegraph reportedChiliz and the Socios platform it operates recently launched a Visa debit card, which offers fan token rewards for making purchases.