How and Where to Buy Chiliz (CHZ)
Alexandre Dreyfus founded Chiliz in 2017 after over twenty years of experience in starting and developing web-based companies. For instance, Dreyfus founded the interactive travel guide Webcity and online poker projects, Chilipoker and Winamax.
It started with using blockchain technology to help fans worldwide engage with their favorite teams and enable monetization of the teams’ fanbases. Chiliz professes to be a global leader, “pioneering a generational shift in the sports industry” via Fan Tokens and the Socios.com app that enables fan engagement and rewards.
Dreyfus has a mission for fan tokens to become a powerful income-generating source for the sports industry by engaging their fans. Chiliz has offices in Malta, Spain, Brazil, Turkey, South Korea, Malta, and France and employees across the globe. Plans include offices in the United Kingdom and North America.
What Is Chiliz (CHZ)?
$CHZ is Chiliz’s native digital currency used to purchase Fan Tokens (digital assets minted on the blockchain) on Socios.com, launched in 2019. Users owning Fan Tokens have voting rights and access to exclusive promotions and VIP rewards, and they can compete on worldwide leader boards.
Early sporting partners for Fan Tokens were: –
- Juventus ($JUV)
- Paris-Saint Germain
- Atlético de Madrid
- A.S. Roma
- FC Barcelona
Chiliz is creating a global presence in the sporting and entertainment industry like U.S sports leagues such as the NBA, which has embraced the concepts of Chiliz blockchain revenue-earning opportunities. Currently, over one million fans use Fan Tokens to stay connected with their favorite teams and players.
What Makes Chiliz (CHZ) Unique?
Each organization has a limited number of Fan Tokens via an FTO (fan token offering) distributed on a first-come,first-served basis. Chiliz discloses the opening price and market cap, and users purchase Fan Tokens with $CHZ, the platform’s exchange currency. On the Socios platform, Fan Token holders can vote using their tokens. However, clubs still retain control over the levels of influence fans have on decisions.
Chiliz created a crypto incubator, the Chiliz Blockchain Campus, which focuses on accelerating the adoption of blockchain technology.
Socios.com has over 1 million registered users and hosts ecosystems for more than seventy global sports IPs and suggests that the Chiliz Chain environment is nowhere near total capacity for “powering mainstream user/ fan-facing blockchain products in the real world.” It is capable of infinite scalability for supporting fans and brand partners. It’s not restricted to the sporting industry either. The technology can assist live events, the music and film industry, or any industry with a requirement to engage and monetize a fan base.
Chiliz has pledged $60 million to extend its technology beyond socios.com and sports. It intends to create and power multiple second-layer platforms using the Chiliz ecosystem.
At the end of March 2022, Chiliz launched Scoville Testnet CC2 (Chiliz Chain 2.0), a layer-1 blockchain for the entertainment and sporting industry that enables brands to: –
- Mint NFTs and Fan Tokens
- Build play-to-earn games and DeFi products
- Create “event, loyalty and merchandising programs”
Enhanced Benefits of CC2
- EVM (Ethereum Virtual Machine) compatible – gas fees could be 200x lower than $ETH fees
- High transactions per second (TPS) – assisting developers to interact with smart contracts efficiently
- Proof of stake authority (PoSA) consensus – $CHZ holders can become on-chain validators
How and Where to Buy Chiliz (CHZ)?
There’s a vast sea of cryptocurrency exchanges online, so it’s easy to feel confused about the best place to purchase Chiliz (CHZ) tokens. Binance is the global leader by trading volume and is popular with newbie crypto investors: –
- Register for an account with Binance on the official website
- Enter your details and submit the requested KYC documents to verify your account
- Deposit funds with a Visa or Mastercard. Alternatively, transfer a supported cryptocurrency or wire transfer
- Go to the “exchange” tab and choose a $CHZ pair from CHZ/USDT, CHZ/BUSD, CHZ/TRY, CHZ/BTC, CHZ/BNB, CHZ/EUR, CHZ/BRL or CHZ/GBP
- Transfer your $CHZ tokens to a crypto wallet. Binance has an exchange wallet, or you can download the Trust Wallet app to your mobile device
How do I Sell Chiliz (CHZ)?
- Open the Trust Wallet app or log in on the Binance website
- Find the “trade” tab
- Convert your $CHZ tokens for $USDT or another stablecoin so you can easily convert it to fiat currency
- Send the $USDT to an off-ramp platform like Coinbase
- Login to the off-ramp account and sell the $USDT for your chosen fiat currency
- Finally, withdraw the fiat currency to your bank account
Should I Buy Chiliz (CHZ)?
Resist the urge to impulse buy cryptocurrencies. We can’t offer financial advice, but if you decide to purchase Chiliz (CHZ) tokens, always buy from a reputable, established cryptocurrency exchange like Binance, Coinbase, or Gate.io.
How do I invest in Chiliz (CHZ)? Safely?
Weigh up how much money you can comfortably afford to lose and decide how many $CHZ tokens to purchase. Remember that your tokens are at risk on an open exchange, so immediately send your coins to a secure crypto wallet. Choose a trustworthy exchange like Binance.
Coinbase is great for beginners with a user-friendly interface and a self custody wallet. Gate.io is a reliable exchange established in 2013, and it offers a cold storage wallet to its users.