In a notable development that signals the growing adoption of blockchain technology in the sports industry, Paris Saint-Germain (PSG) announced the strengthening of partnerships with: chili (CHZ) is a fintech provider based in Malta.
PSG, one of the most famous football clubs in the world, will become the first sports club to act as an official blockchain validator on the Chiliz Chain, a significant milestone for both organizations.
Chiliz $1 billion SportFi ecosystem attracts PSG
According to Thursday presentation, With its latest collaboration, PSG will play an important role in ensuring the security, accuracy and reliability of the Chiliz chain. In particular, validators are essential to maintaining the integrity and operation of blockchain networks.
Since the launch of PSG Fan Tokens, the club’s official digital asset, in partnership with Chiliz in 2018, PSG has become increasingly active in fan token adoption. web3 In sports. The club’s approach to Web3 innovation has been further highlighted with the appointment of Pär Helgosson as Head of Web3, dedicated to driving the club’s digital transformation.
According to the announcement, the selection of Chiliz as the platform for this initiative is due to the robust billion-dollar SportFi ecosystem that attracts a large community of cryptocurrency-based sports fans.
Chiliz’s infrastructure and decentralized application support (dApp) has established itself as the preferred platform for over 50 web3 projects, demonstrating its ability to attract large-scale Web3 products and services.
Web3 adoption in sports
To support the continued growth of the Chiliz Chain, PSG has committed to regularly repurchase PSG Fan Tokens on the open market using 100% of the generated revenue as a validator.
According to the announcement, these automatic buybacks, executed through smart contracts or decentralized exchanges (DEX) on the Chiliz Chain, are expected to strengthen the club’s digital economy and replenish Fan Token reserves on a regular basis.
In addition to their role as validators, PSG and Chiliz will co-host the first blockchain hackathon in the summer of 2024 at the Parc des Princes stadium in Paris, France.
Alex Dreyfus, CEO of Chiliz and Socios.com, commented on PSG’s participation as an official validator:
This development marks an important milestone in the adoption of web3 by fans, clubs and leagues. PSG’s active role as official verifier will undoubtedly push the SportFi ecosystem into new territories, further developing its long-standing partnership with the club.
Pär Helgosson, Head of Web3 at Paris Saint-Germain, emphasized the club’s commitment to designing and shaping the future of Web3 sport:
Our commitment is to build a stronger and more sustainable web3 ecosystem by leveraging the solid foundation of our existing relationships with Socios and Chiliz. PSG is committed to fostering innovation and the club will continue to develop opportunities with other partners in this field.
CHZ market cap soars to $1.13 billion
Following Thursday’s announcement, the Chiliz native token CHZ, originally launched on Ethereum, has been launched. ERC-20 The token saw a significant surge in trading price, reaching $0.1283 and achieving a market capitalization of $1.13 billion.
Since early Thursday, the token has continued its upward trend, recording a 9% price increase. This growth adds to the token’s continued positive performance over the long term in line with overall market trends.
Over the past 7 and 14 days, CHZ has shown notable price increases of 19.5% and 25% respectively. Moreover, it has experienced an incredible surge of 32% in the last 30 days, enabling the token to close the yearly gap. Despite a decline of about 6% during this period, the recent surge has significantly eased overall losses.
Featured image from Shutterstock, chart from TradingView.com
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