Chiliz Launches $50 Million Fund to Support New Blockchain Ecosystem

Chiliz is setting up a $50 million fund to invest in Web3 projects in the sports and entertainment sectors built on its newly announced blockchain.

Chiliz Establishes $50 Million Fund to Boost New Blockchain Ecosystem

Chiliz (CHZ), the driving force behind several popular fan tokens in the crypto market, has announced a partnership with investment firm Jump Crypto to create a $50 million fund. This fund will support projects developing on the Chiliz Chain 2.0 blockchain.

As reported by Coin68, Chiliz unveiled its new blockchain platform, Chiliz Chain 2.0, in early February 2023. The platform supports decentralized applications and is EVM-compatible with Ethereum. This Layer-1 blockchain is set to reveal 10 projects incubated by Chiliz for the new blockchain in the coming months.

According to the latest announcement on the evening of March 1, Chiliz and Jump Crypto will invest in Web3 solutions applied to sports and entertainment. This includes initiatives such as NFT ticket sales and fan token experiences similar to Chiliz’s existing models.

Chiliz has recently faced intense competition from Sorare, an NFT project also heavily involved in sports entertainment, which has recently acquired image rights for all Premier League teams.

The CHZ token price saw a slight increase following the announcement of the $50 million funding partnership with Jump Crypto.

1-hour chart of the CHZ/USDT pair on Binance at 10:15 PM on March 1, 2023