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Jun 6, 2018
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The largest cryptocurrency exchange in the world, Binance will invest in chiliZ, a subsidiary of the global entertainment, sports and Esports organization Mediarex Group. The company is based in Malta and aims to provide blockchain solutions within the Esports industry and to organize, connect and empower Esports fans with professional players and teams. The Binance investment will go towards developing Esports blockchain applications. Binance will collaborate with chiliZ to create a token ecosystem for sports and Esports teams.
Binance Investment: Esports and cryptocurrencies will be tied together
The chiliZ platform will allow sports and Esports organizations to tokenize voting to their fans. Both chiliZ and Binance believe that the gaming industry will be the next major industry to adopt blockchain technology and implement it. The gaming industry is already a giant, estimated at more than 110$ billion. It is estimated that more than 850 million people will watch Esports in less than 4 years, with current Esports fans exceeding 300 million. Read more on cryptocurrencies and Esports, by clicking here.
Esports fans are generally the same demographic and are well connected and educated. A big part of them constitutes of millennials, with interest and enthusiasm towards digital currencies and assets. ChiliZ have already raised 27$ million from a private and closed token sale. The company stated that the Binance investment will help with sharing technical knowledge, creativity and innovation.
Regarding the Binance investment, Binance’s CEO, Changpeng Zhao stated that chiliZ is a creative way to embrace blockchain technology and implement it into the Sports and Esports industry. He also stated that together, they are aiming at achieving or helping with mass adoption of blockchain technology, tokenization of assets and cryptocurrencies. Changpeng Zhao also replied in Twitter to chiliZ’s CEO:
Thank for helping Binance so much! This is the least we could do. Congrats! https://t.co/xXYGbiqw8l
— CZ (@cz_binance) June 5, 2018
This was a reply to chiliZ CEO, Alexandre Dreyfus announcing the Binance investment:
PR: "@Binance & @chiliZ Join Forces To Tokenize Sports Industries" – A great mentor and new partner with @cz_binance https://t.co/u0M2kQDIyf
— Alexandre Dreyfus (@alex_dreyfus) June 5, 2018
ChiliZ CEO stated that the significant Binance investment will boost their private placement offering and help them move forward. Binance investment and support will help them deliver their international vision, increase their presence in the blockchain ecosystem and empower their technical vision. He was also happy that Binance are setting up their headquarters in Malta making their partnership more strategic.
Binance had found refuge on the island of Malta
As small as it is, the island of Malta is very favorable towards blockchain technology and cryptocurrencies in general. Also the government has recently approved that Binance can legally operate its in Malta. This wasn’t so surprising, as Malta is known for their boomig banking and financial industry and being extreme in its gambling industry. In March, Binance reached an agreement with the Maltese government and had taken refuge from China as the Chinese authorities were chasing them because of their business. Read more on it here.
Binance had made another investment earlier this month. The Binance investment is tied to their plans to create a 1$ billion cryptocurrency fund as an investment tool for new blockchain projects. Binance Coin (BNB) will be implemented in the system as soon as it is ready. It will be interesting to see where Binance’s cryptocurrency will go. Today the currency was up by 20% and I advise investors to keep a closer look at the cryptocurrency.
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