In a new announcement yesterday by the sports token startup, they have now set aside up to $50 million in funds in a bid to expand its services in America. The CEO of the firm, Alexandre Dreyfus, spoke to the press about the token creator’s intentions as he detailed how the year will look like for them. In his speech to the press, Dreyfus confirmed that the firm had entered into some new partnerships with top investment gurus, who will now follow through with them on their expansion plans. The executive also believes that the new internal implementations will further see more demands of its native token on its platform socios.com.
The U.S expansion will target basketball and football clubs
In his press conference, the executive also explained that most of the $50 million it is planning to re-invest in the U.S would come from the revenue generated from its token sales, which will increase by 500% in the next few months. The blockchain fintech company is already in many revenue-generating partnerships with many sports outfits like Spanish giants FC Barcelona, Italian-owned AC Milan, and many more sports establishments. Still, it now has a sight on expanding its services in the U.S.
Its native token, Chiliz, also known as CHZ, has been used by many fans of different sports establishments to buy their club tokens on the Blockchain’s website socios.com. Fans who possess these tokens can either participate in their club’s voting decision, partake in a unique rewards program, or get actively involved in their club’s affairs as decided by the club’s management. The blockchain startup is now looking to launching fan tokens for other sports like basketball and football in the U.S. According to Dreyfus, he believes that the new expansion of services into the major sports in the U.S will be a massive plus and boost for both the firm and the nation’s sports league.
CHZ are not NFTs, Dreyfus clarifies
Dreyfus also took his time to clarify to the press and the public that Chiliz tokens are not Non-fungible tokens (NFTs). The executive took his time to explain that the concept behind the Blockchain’s outfit token design does not qualify them to be NFTs. The NFT market is relatively small in the Blockchain space but is becoming popular these days. The digital items created from the NFT space are also believed to be adding more value to the cryptocurrency sector, which is now worth almost $300 million.
Dreyfus explained that the CHZ tokens are a relationship and bond item that unites both fans and clubs. Many fans have well embraced the tokens’ idea, and the acceptance of the tokens has also helped the sports clubs’ revenue. Dreyfus believes that the world of sports in the U.S is hitting its prime soon, and that is why Chiliz is targetting the market as its expansion base.