The world’s largest cryptocurrency exchange Binance will invest an undisclosed amount in a Malta-based global sports and entertainment organisation chiliZ, a subsidiary of Mediarex Group. chiliZ is a platform that allows both esports and sports entities to tokenize their voting rights to their fan bases.

Binance and chiliZ will work hand-in-hand to engage with the sports industry and develop a fan-driven token ecosystem for traditional sports teams and scaling the concept of “Socios” all over the world. Both believe that the video gaming, movie and music industries will be one of the next major industries to adopt blockchain services. The two industries share similar user/audience demographics — well connected, educated and fairly affluent millennials, with a knowledge and interest in virtual currencies, and experience in trading digital assets. chiliZ has already secured over $27 million through an ongoing private placement phase. Binance’s investment will enable the sharing of technical knowledge, innovation, and creativity.

Alexandre Dreyfus, CEO of chiliZ, said: “Binance’s significant investment in chiliZ will boost our current private placement offering and help us to move faster. Their support will help us deliver our vision globally, increase our visibility in the blockchain ecosystem and empower our technical vision. I’m also excited that Binance is setting-up in Malta, where we will be able to share resources, enabling a more strategic partnership.”

Binance CEO & Founder, Changpeng Zhao said: “chiliZ is a creative way to embrace blockchain technology, aimed at building tools and services for mainstream adoption in industries that have a massive global growth rate. We are thrilled to support the team behind the project, and to help make them a success.”

Earlier in March this year, Binance announced it was moving to Malta, with the founder Changpeng Zhao claiming that the country “is very progressive when it comes to crypto and fintech.”