Cryptocurrency exchange Binance has announced a strategic partnership with sports and entertainment fan-token issuer Chiliz.
In a Dec. 14 post, the exchange announced that, as the first milestone of this partnership, Chiliz fan-tokens for Paris Saint Germain (PSG) and Juventus (JUV) football clubs would be the latest featured on its Launchpool platform.
As Cointelegraph reported, the Launchpool platform allows users to stake tokens for up to 30 days in order to farm certain reward assets, just before those assets are listed in Binance’s innovation zone. This provides an instant marketplace for farmed assets.
Binance will then open trading pairs between each of the fan tokens and BSB, BUSD, and CHZ, at 06:00 UTC on Dec. 21.
The launchpool rewards consist of around 210,000 JUV and almost 180,000 PSG. The bulk of these (70%) will be allocated to the BNB pools, with 20% going to the Chiliz pools, and 10% to Binance Dollar.
Reward distribution will also vary over time, with 8.33% of the total available reward being farmed daily for the first six days, before the trading pairs launch.
This figure then drops to 2.5% per day between Dec. 21 and 28, followed by a further drop to 1.875% per day from Dec. 29 to Jan. 13.
Binance was an early investor in the Chiliz platform, and this latest announcement lays out a partnership vision for the longer term future.
Binance CEO, CZ, claims the platform has, “huge potential in bringing crypto to mainstream audiences,” while Chiliz CEO Alexandre Dreyfus explained that:
“This new partnership really seals our original vision of tokenizing the sports & entertainment industry over the next 5–7 years.”
Chiliz has been actively signing partnerships with major soccer teams along with other sporting franchises like the UFC, and has plans to onboard many more partners.
As Cointelegraph reported, Chiliz and the Socios platform that it operates recently launched a Visa debit card, offering fan-token rewards for making purchases.