Binance invests in Blockchain-Based chiliZ eSports platform 12509
News
Roshni Vayyapuri
Jun 6, 2018 at 3:48 PM

Binance, one of the most significant global, multinational-language ecosystems in the blockchain technology, has made an investment into blockchain-based esports voting platform chiliZ.

The exchange is investing an undisclosed amount to the platform which is a part of Ediarex Group, an international sports, and entertainment company. Binance and chiliZ will be joining forces to provide the sports industry with a “fan-driven token ecosystem for traditional sports teams.”

Reportedly, chilliZ has already raised $27 mln. They raised the amount through an ongoing “private placement”, which is a closed token sale. The exchange's investment will “enable the sharing of technical knowledge, innovation, and creativity”, the company claims.

Exchange's CEO Changpeng Zhao stated that chiliZ is a “creative way to embrace blockchain technology” that targets to encourage “mainstream adoption”.

Alexandre Dreyfus, CEO of chiliZ, said,

 “Binance’s significant investment in chiliZ will boost our current private placement offering and help us to move faster. Their support will help us deliver our vision globally, increase our visibility in the blockchain ecosystem and empower our technical vision. I’m also excited that Binance is setting-up in Malta, where we will be able to share resources, enabling a more strategic partnership.”

The two companies will build a strong bond and regulated ecosystem of fintech and blockchain companies in the entertainment space. 25-strong chiliZ team will be close to the new operations due to the Malta-based operations, and the two companies will build a strong cluster and regulated ecosystem of innovative fintech and blockchain companies in the entertainment space.

Changpeng Zhao said, “chiliZ is a creative way to embrace blockchain technology, aimed at building tools and services for mainstream adoption in industries that have a massive global growth rate. We are thrilled to support the team behind the project, and to help make them a success.”

It was in the recent past, the exchange announced plans to establish a US$1 billion fund. Ella Zhang, head of Binance Lab, divulged the details in Binance Labs Investment and Sharing Conference.

 

Image via Binance Facebook Page

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