World’s Largest Crypto Exchange Binance Invests in Blockchain-Based Esports Platform

The world’s largest crypto exchange Binance has made an undisclosed investment into blockchain-based esports voting platform chiliZ, according to a press release published today, June 5.

According to the announcement, the Malta-based platform in which Binance is investing is part of Mediarex Group, a global sports and entertainment company. Binance and chiliZ will reportedly “join forces” to provide the sports industry with a “fan-driven token ecosystem for traditional sports teams.”

According to the press release, chiliZ has already raised $27 mln via an ongoing “private placement”, evidently a closed token sale. The company claims that Binance’s investment will “enable the sharing of technical knowledge, innovation and creativity”.

Binance’s CEO Changpeng Zhao, better known in the crypto community as CZ, commented that chiliZ is a “creative way to embrace blockchain technology” that aims to promote “mainstream adoption”. CZ also replied to chiliZ CEO Alexandre Dreyfus’ tweet announcing the investment, saying somewhat cryptically: “Thank [sic] for helping Binance so much!  This is the least we could do.”

Thank for helping Binance so much! This is the least we could do. Congrats! https://t.co/xXYGbiqw8l

In March of this year, Binance announced it was moving to Malta, with CZ claiming that the country “is very progressive when it comes to crypto and fintech.”

Binance is currently the largest cryptocurrency exchange in the world by 24-hour volume, trading about $1.6 bln on the day to press time.

Last week, Binance revealed its plans to create a $1 bln cryptocurrency-based fund by implementing Binance’s BNB tokens as an investment tool in new blockchain projects.