The world’s leading cryptocurrency exchange Binance has announced that it is partnering with sports blockchain operator Chiliz to launch a blockchain-based fan token platform that will bring fans closer to their favourite sports teams.
The partnership was announced at the Binance Blockchain Week conference on the 20th of February and will allow sports teams around the world to launch their own tokenised fan-engagement ecosystems. Fans of these teams will then be able to purchase these tokens and show their support, while also receiving exclusive rewards, offers and experiences. It is part of a move by Binance to further support the adoption of blockchain technology and cryptocurrencies in the world of sports. Sports teams have already started to experiment with crypto tokens to engage with their fans, such as the Italian soccer club Juventus and the French football club Paris Saint-Germain. With the launch of Binance’s global fan token platform, this will now be much easier and more widespread. Commenting on the new platform, Binance CEO Changpeng Zhao said: “We’re excited to further promote blockchain in the sports industry. Binance’s mission is to make the world more open and connected, and this collaboration will bring the power of blockchain to sports and make the world more accessible to everyone.” Experts think that the new Fan Token Platform offers a range of features to make fan engagement easier, ranging from ticketing to merchandise, and other rewards and benefits enjoyed by members. They also hope that the new platform can provide teams with better financial access by giving them a new source of funding and investment. By using tokens, fans can directly influence and contribute to the funding of their favourite sports teams while being rewarded for their loyalty. The date for the launch of the fan token platform has not yet been announced, but the aim is to have an official launch later this year.
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