Chiliz Up By 20% After Inking Multi-million Deal With FC Barcelona

Estimated read time 2 min read
  • Chilliz has been leading the market in the last 24 hours after inking a deal with Spanish football giant Barcelona.
  • Through this partnership, FC Barcelona will be able to accelerate its Web3 strategy with the $100M investment.

Chiliz is up by more than 20% in the last 24 hours following a partnership deal with Football Spanish giant Barcelona. Blockchain-powered fan engagement and rewards platform Socios.com has confirmed its partnership with Barcelona which will see the football club accelerate its blockchain, NFT and digital assets, and Web3 strategies.

The official announcement reads;

Socios.com owner and technology provider Chiliz invest $100M in Barça Studios to acquire a 24.5% stake in the Club’s digital content creation and distribution hub.

FC Barcelona has been keen to venture into the new emerging technology which promises to generate the club income as well as improve fan engagement. The club is set to achieve this through Barça Studios which is in charge of developing projects that attract the most innovative blockchain and Web3 partners to build new features in the Barcelona FC ecosystem.

Barcelona which is drowning in debt is looking to raise funds and has sought different strategies to raise funds. According to numerous reports, the club has only recently agreed to a new €500 million loan from US investment bank Goldman Sachs to ease the financial burden of COVID-19

Chiliz Leaps Ahead

While the rest of the market is crawling with the likes of Bitcoin recording a marginal gain of less than 4%, Chiliz which powers Socios.com is up by more than 20%. Its market cap has also increased to $929,268,196 placing the token at 55th in the market rankings.

FC Barcelona joins a long list of other sporting partners leveraging Socios.com technology. These include; football, basketball,  UFC, Rugby, Tennis, Formula 1, and many other sports.

Among the biggest teams in the world of football includes Paris Saint German (PSG), Arsenal, Inter Milan, and Napoli among others.

Mary Jane

A writer. A poet. A believer in financial innovation.

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