In a bid to expand its cryptocurrency services to the world of sports, the world’s leading exchange platform Binance has partnered with Chiliz (CHZ) to launch JUV and PSG fan tokens. “Introducing @juventusfc and @PSG_inside Fan Tokens on #Binance Launchpool!,” Binance announced via its Twitter handle.
— Binance (@binance) December 14, 2020
Chiliz is a fintech project and a global-trusted blockchain that developed Socios.com.
Integration of JUV and PSG tokens
With this integration, Binance has combined crypto with sports which allow users to farm in separate PSG and JUV tokens. The users also have different staking options, as they can stake in Chiliz (CHZ), Binance USD (BUSD), and Binance Coin (BNB).
PSG and JUV tokens to be added to Binance platform
Binance plans to include both PSG and JUV tokens into its trading platform, and according to the announcement, the farming process begins on December 15, UTC zone.
The announcement also stated that the partnership is the first milestone in a list of other upcoming collaborations both companies are planning together.
The Launchpool platform enables users to farm some reward assets when they stake tokens for up to 30 days, providing a direct marketplace for farmed assets.
Bringing crypto into the world of sports
Accordingly, the users will be able to access about 20 million PSG and JUV tokens as a percentage of the amount will be given as rewards. Presently, there are only 12% (2.5 million) of the proposed total token supply in circulation.
10% of the rewards will be allocated to Binance Dollar, 20% will be for Chiliz pools, while the majority of the rewards (70%) are for BNB pools.
Co-founder and Chief Executive Officer of Binance Changpeng Zhao commented on the partnership and said Binance is excited to engage in such a fruitful partnership to bring cryptocurrency into the world of sports.
He said the company is looking forward to enhancing both crypto adoption and fan engagement among the billions of audience.
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