Blockchain sports firm Chiliz invests $50m to expand presence into US

Last week AC Milan launched a token on Chiliz platform Socios.com, making $6m of revenue in the first day

Blockchain sports company Chiliz is to invest $50m (£35m, €41m) so it can further its presence into the US.

CEO Alexandre Dreyfus said his company is now opening an office in New York as they target the country’s top sports franchises.

The Malta-based company offers tokens to fans which allow them to vote in polls and receive special promotions and rewards.

This creates a “new digital revenue stream” for sports organisations through worldwide fan bases.

The fan tokens are listed on Binance and last week AC Milan became the latest team to launch their token, making $6m of revenue in the first day.

That move follows launches of tokens, on the company’s fan platform Socios.com, for other high-profile clubs such as Juventus, Paris St Germain and Barcelona.

“A huge focal point for us in our global growth plans is the US. That’s why we’re opening a New York office and investing $50m into the country’s sports industry in order to launch Fan Tokens with leading franchises from the five major US sports leagues,” Dreyfus said.

The company already has a huge presence in Europe. In 2020, it shared more than $30m with partners, and is targeting a minimum of $60m this year.

Dreyfus said the FanMarketCap, a fan token price and market information tracker run by Chiliz, currently stands at just under $200m and that he expects it to grow with the addition of new European football clubs in the coming weeks.

Chiliz is also in talks with Formula One and e-sports teams, he added.

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