In a groundbreaking move, Paris Saint-Germain (PSG), the prestigious football powerhouse, has amplified its embrace of blockchain technology by forging a more profound alliance with Chiliz, the innovative financial technology firm based in Malta.
PSG is set to engrave its name in the annals of sports and technology as the pioneering sports entity to undertake the role of an official blockchain validator within the Chiliz ecosystem, heralding a new era for both the club and the tech provider.
This partnership grants PSG a pivotal role in overseeing the Chiliz Chain’s security, ensuring transactions are both authentic and consistent, thereby underpinning the very fabric of blockchain’s trustworthiness.
Since the inception of their alliance in 2018, which witnessed the birth of the PSG Fan Token, the club has steadily ventured deeper into the realm of Web3 sports, showcasing this commitment through the appointment of Pär Helgosson as the Head of Web3. His role underscores PSG’s dedication to spearheading digital innovation within the sports industry.
Chiliz continues to be at the forefront of the sports industry’s digital transformation with its robust $1 billion SportFi ecosystem that has captivated a vast congregation of sports enthusiasts who are also avid crypto users.
The prolific growth of the Chiliz Chain finds unwavering support from PSG. The club has pledged to reinvest 100% of the earnings amassed through its validation services back into the fan community. This is projected to be executed through consistent buybacks of the PSG Fan Token, employing smart contract technology to underpin the token’s value and supply.
Moreover, PSG and Chiliz are joining forces to host an inaugural blockchain-focused hackathon at the Parc Des Princes stadium in the year 2024, promising yet another avenue for innovation and collaboration in the web3 space.
Celebrating the club’s commitment, Alex Dreyfus, CEO of Chiliz, lauded this partnership as a cornerstone in bringing the Web3 experience to a broader audience, crediting PSG for its role in enriching the SportFi ecosystem.
Equally enthusiastic, Pär Helgosson, Head of Web3 at PSG, voiced the club’s determination to architect a futuristic web3 experience in sports, emphasizing the solid foundation laid through their collaboration with Chiliz.
Reflecting the excitement surrounding these announcements, Chiliz’s native token CHZ has seen a buoyant leap in the cryptocurrency market. From an opening position at $0.1283, the token’s market capitalization surged to $1.13 billion, capturing the attention of investors and market spectators.
Over the last week, CHZ has achieved impressive gains, with a 19.5% increase over seven days, a 25% hike over fourteen days, and a staggering 32% growth in the last thirty days. Despite fluctuations, this uptick indicates a robust positive trend that closely aligns with the overall market’s dynamics. Such a surge in valuation reinforces the token’s resilience and marks a promising trajectory for the Chiliz entity.
