Blockchain-based fan engagement platform Socios.com received a huge boost after its native asset Chiliz (CHZ) was listed on OKEx – a leading global platform for trading crypto exchanges and derivatives. CHZ, the popular digital currency for the sports and entertainment industry, became available for spot trading against USDT and BTC on March 3, 2021 at 10 a.m. UTC.
With Socios.com’s CHZ blockchain, sports teams and clubs can create fan tokens to connect and connect with their fans. These fan tokens serve as membership cards and give their holders the privilege to participate in various decision-making processes of their favorite teams. In addition, fan token holders are entitled to exclusive access to team events, goods and other rewards. Socios.com has worked with some of the biggest sports teams and clubs including AC Milan, FC Barcelona, Juventus, UFC and others.
According to Chiliz, the fan token model has also helped sports organizations find new sources of income and overcome losses in the form of poor ticket sales, lost sponsorship deals, etc. during the pandemic.
Jay Hao, CEO of OKEx, acknowledged Chiliz’s role in advancing blockchain technology and said, “Chiliz has uncovered another important use case for blockchain technology that shows how the sports and entertainment industry is increasingly adapting to it adapt the digital world and create new sources of income beyond traditional sources. As more and more fans connect with clubs and teams via fan tokens, the use of cryptocurrencies is becoming more and more mainstream. OKEx couldn’t be happier to support this important initiative. “
OKEx is celebrating the new listing and distributing fan tokens worth USD 150,000 to members of the CHZ community through a lucky raffle. Users who deposit or trade CHZ with OKEx by March 10, 2021 are eligible for the giveaway program. Fan tokens worth up to $ 10,000 are earmarked for referral rewards.
OKEx will enable CHZ withdrawals on the platform starting at 10 a.m. UTC on March 4, 2021.