Blockchain Company Chiliz to expand in the U.S.

Chiliz is a blockchain company that provides fintech (finance + technology) support for sports and entertainment. They are heavily involved in European soccer and will invest $ 50 million for expansion to the U.S, said CEO Alexandre Dreyfus.

The company is creating what can be called a “new digital revenue stream” by offering fan tokens which allow them to vote and receive special promotions and rewards. This provides global fan bases engagement with their favourite sports organizations.

 The fan tokens are listed on Binance.

Serie A club AC Milan became the latest team to launch their token, generating $6 million of revenue in the first day. The company’s fan engagement platform Socios.com has launched tokens for other high-profile clubs such as Juventus, Paris St Germain and Barcelona. Such websites are blooming as investors have growingly accepted crypto currencies such as Bitcoin. The company believes that the U.S. will be a huge focal point for their global expansion and hence will be investing in an U.S. office.

Joseph Edwards, head of research at Enigma Securities, said the timing is perfect for clubs, who need to boost revenue after the hits from COVID-19 related restrictions. “Fan tokens right now are just hitting the perfect itch at the perfect time – fans are disconnected physically from their fandom, and this helps bridge that gap,” he said.