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Top Brazilian Crypto Exchange Mercado Bitcoin Adopts Sports Token Chiliz

Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, has announced its plans to add sports token Chiliz ($CHZ) to its existing list of digital assets.

This is big news for the developing blockchain fintech company specialized in sports and entertainment Chiliz, as Mercado consists of the largest digital asset trading platform in Latin America.

With $CHZ being accessible on the largest cryptocurrency exchange in Latin America, the fan token may significantly increase in popularity, as Mercado Bitcoin currently has more than 1.9 million registered users on its platform.

Introducing Chiliz

Chiliz is a sports blockchain platform focused on sports and entertainment, that developed Socios.com as an app that could be used for sports trading purposes. Socios.com encourages fans to vote in club polls and earn digital assets as rewards for their efforts. The payout is in $CHZ and is also known as “Fan Tokens”. Chiliz utilizes $CHZ as the sole on-platform currency and runs on a personalized blockchain infrastructure.

The sports-focused digital trading platform has previously extended its entertainment services and partnered with renowned “big names” in the sports industry, notably FC Barcelona, Juventus and Paris Saint-Germain, among others. Not only are their $CHZ tokens used in soccer-related sports entertainment, but in May, Chiliz has also partnered with UFC.

Tokenization in the Sports Industry

The sports industry appears to be also slowly making their way towards globalizing tokenization, with FC Barcelona launching their own Fan Token, $BAR, earlier in June 2020. This move generated $1.3M in sales revenue in less than 2 hours. Enthusiastic about the record sales time of fan tokens, CEO and Founder of Chiliz Alexandre Dreyfus took to his Twitter account and wrote that the token flash sale was a success, with fans and crypto enthusiasts from 106 countries buying the Fan Tokens.

Chiliz CEO Alexandre Dreyfus Likes Mercado

He also tweeted about his recent partnership with Mercado Bitcoin, saying that Chiliz is the first ‘altcoin’ or proper utility token to be listed on the leading Brazilian crypto exchange. He is enthusiastic about the fact that Mercado Bitcoin has a nearly 2M user base and thinks that the partnership with them will consolidate his strategy to expand his crypto company growth to Latin America and Brazilian teams.

UK's Advertising Authority Orders Arsenal to Remove "Misleading" Fan Token Ad

The United Kingdom’s Advertising Standards Authority (ASA) ordered Arsenal FC to remove fan token ads from their official Facebook account and website, accusing the football club of “misleading” investors with the advertisement.

According to the advertisement regulator, Arsenal “trivialised investment in crypto assets and took advantage of consumers’ inexperience or credulity” and “failed to illustrate the risk of the investment,” as well as not making it clear that the ‘token’ was a crypto asset.”

Club fan tokens are becoming a common trend amongst sports clubs globally as a strategy to use new avenues in order to embrace blockchain and bring their fans closer together. Mostly powered by Socios, Arsenal joined the likes of Barcelona, Juventus, and Paris Saint Germaine amongst others to launch their token earlier in the year.

The club placed an advert on its webpage on August 6 and on its Facebook page on August 12 asking fans to download the Socios app in order to have a say in the type of song they would like to hear when the club won home games. However, the ASA notably disagreed with the club’s approach, saying that the club had assumed users were already familiar with the workings of the digital token.

In response, an Arsenal spokesperson told the Guardian that the club takes its “responsibilities with regard to marketing to our fans very seriously. We carefully considered the communications to fans regarding our promotions and provided information regarding financial risks.”

The club has complied with the ASA’s directive with respect to the removal of the ads, and the crackdown echoes the supposedly zero-tolerance against all forms of adverts bordering on cryptocurrencies in the UK.

As reported by Blockchain.news, a London lawmaker petitioned ad regulators to ban adverts on cryptocurrencies, fueled by Floki Inu’s ads that flooded the city’s transport system.

The crackdown on Arsenal’s move towards blockchain and digital tokens indicate one or more related events to come as digital currencies carve their path into a the mainstream financial world.

SL Benfica to Launch Fan Tokens through Partnership with Socios.com

SL Benfica is on track to launch its fan tokens as it has inked a promising partnership with blockchain startup Socios.com.

As announced by Socios, Benfica will now be exposed to its growing community, numbering up to 1.5 million people, a figure representing the total number of users who have downloaded its app.

With the proposed Benfica fan token, the Portuguese club will become the first from the country to extend new opportunities whereby fans can become more knitted with the club. The fan tokens based on Socios’ model will enable fans to participate in their club’s governance irrespective of their geographical location. They can vote on Jersey choices, victory songs, and a host of other things that define fan engagement.

“Benfica is constantly focused on searching for and delivering a positive experience to our huge global fanbase, which includes both Members and Supporters. We have been paying very close attention to Digital Assets, a market which has been influential in our industry of late. We are delighted to be partnering with Socios.com, the ideal partner for developing our tokens and for bringing the worldwide Benfica family closer together,” said Domingos Soares de Oliveira, CEO of SL Benfica.

Benfica follows the step just like other major European clubs to get aboard the fan token ship, such as FC Barcelona, Juventus, and Manchester City, amongst others, notably amongst those who have opened their arms to the Socios model to bolster fan engagements.

Besides the revenue that will be generated for the club through the sales of the fan token, Benfica fans will also be gain exposure to exclusive benefits that are being introduced by Socios which includes its plans to grant as many as 17,000 fans tickets to watch live matches this year, as well as access to sponsor offers, and merchandise.

Fan Token Issuing Startup Socios.com Receives Italian Regulatory License

The sports-based fan token market has surpassed $440 million in market cap since the football fans’ blockchain app Socios.com announced it has received regulatory approval from the Italian government, up 97% from the previous month.

Socios.com will now be able to provide cryptocurrency and digital wallet services to fans in Italy.

Fan tokens are tokenized assets that represent proof of ownership or even membership. Users can influence the clubs they support by developing club-specific fan tokens to gain voting rights.

Socios.com is an app for football fans where users can influence the clubs they support by purchasing club-specific fan tokens to gain voting rights.

The platform said the 2021 token generated nearly $200 million in revenue for its partner clubs.

Alexandre Dreyfus, CEO of Socios.com, stressed that Italy is a very important market, with several top football clubs such as AC Milan, Inter Milan, Naples, FC Barcelona, and Others already established Let the platform have a strong influence.

Therefore, ensuring the legitimacy of operations in Italy and gaining the trust of users in this country has always been the direction of the platform’s efforts.

Approval from Italian regulators is, therefore, key to Socios.com’s protection of consumers and continued service in the region

He added that:

“Regulation builds consumer confidence. Fan tokens as a very powerful digital asset class in their own right are growing, and with increased confidence and visibility comes increased demand.”

Chiliz ($CHZ), an ERC20 utility token on the Ethereum blockchain as the digital currency of the Chiliz and Socios.com platforms, is down by about 8.56% at the time of writing.

Dreyfus admits that since the launch of Fan Tokens in December 2019, nearly 110,000 users have joined and bought tokens worth an average of $20.

Binance Fan Token Announces PORTO Trading Competition

Binance Fan Token has unveiled the PORTO Trading Competition, set to run from September 11, 00:00 (UTC) to October 1, 23:59 (UTC). This initiative allows users to trade on PORTO spot trading pairs during the specified period, with the opportunity to earn up to $750 in PORTO Gift Cards.

Additionally, a separate offer for new users has been introduced. Those registering with Binance using the “PORTOTC” referral code or the provided referral link within the activity window can potentially receive a PORTO Gift Card valued at up to $5. The combined total of PORTO Gift Cards available for both activities amounts to $7,500.

Details of the Activities

New User Exclusive: The initial 1,000 newcomers who register and complete identity verification using the “PORTOTC” referral code or link are eligible for up to $5 in PORTO Gift Cards.

PORTO Trading Competition: Users trading a minimum of $10,000 on any PORTO spot trading pairs during the activity period will be ranked based on their total trading volume. The top ten traders will be awarded as follows:

1st Place: $750

2nd Place: $500

3rd Place: $350

4th Place: $250

5th Place: $150

6th -10th Places: $100 each

Redemption and Terms

Recipients will receive their PORTO Gift Cards via email within 30 days post-activity. These can be claimed either on the Binance App or website. However, these gift cards have a 30-day validity post-distribution. The actual value of the PORTO Gift Card may vary due to market dynamics.

It’s worth noting that users can participate in both activities, and the rewards are not mutually exclusive. However, certain terms and conditions apply, including potential disqualification for dishonest behavior. Binance Fan Token retains the right to modify these terms at its discretion.

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