Paris Saint-Germain Partners with Chiliz for Blockchain Adoption in Sports
In a significant move highlighting the increasing adoption of blockchain technology in the sports industry, Paris Saint-Germain (PSG), one of the world’s most renowned football clubs, has deepened its partnership with Chiliz (CHZ), a Malta-based FinTech provider. PSG will become the first sports club to act as an official blockchain validator on the Chiliz Chain. This collaboration signifies a major milestone for both organizations.
Chiliz’s $1 Billion SportFi Ecosystem Attracts PSG
The new partnership will see PSG playing a crucial role in ensuring the security, accuracy, and reliability of the Chiliz chain as an official validator. Since its initial partnership with Chiliz in 2018 and the launch of the PSG Fan Token, PSG has been actively involved in adopting Web3 technology in sports. The appointment of Pär Helgosson as Head of Web3 further demonstrates their commitment to digital transformation.
Chiliz’s robust $1 billion SportFi ecosystem, which attracts a large community of crypto-native sports fans, was a determining factor in PSG choosing to collaborate with them. With its infrastructure and support for decentralized applications (dApps), Chiliz has become a preferred platform for numerous Web3 projects.
Web3 Adoption In Sports
As part of their collaboration, PSG has committed to using 100% of its accrued revenue as a validator to conduct regular buybacks of the PSG Fan Token from the public marketplace. These buybacks, executed through smart contracts or decentralized exchanges (DEXs) on the Chiliz chain, will strengthen the club’s digital economy and replenish its Fan Token reserves.
In addition to being a validator, PSG and Chiliz will co-host their first-ever blockchain hackathon at the Parc Des Princes stadium in Paris in the summer of 2024. This event aims to further promote blockchain technology and innovation in sports.
Alex Dreyfus, CEO of Chiliz and Socios.com, expressed his excitement about PSG’s involvement as an official validator, stating that it marks a significant milestone in the adoption of Web3 by fans, clubs, and leagues. Pär Helgosson, Head of Web3 at Paris Saint-Germain, emphasized the club’s commitment to shaping the future of Web3 sports.
CHZ Skyrockets To $1.13 Billion Market Cap
Following the announcement, Chiliz’s native token CHZ experienced a surge in trading price and market capitalization. The token reached $0.1283 and achieved a market cap of $1.13 billion.
Over the past week and month, CHZ has demonstrated notable price increases, aligning with the overall market trend. This recent surge has significantly mitigated its overall loss for the year.
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