The price of CHZ, the native token of the Chiliz network, has risen by 10% in the last 24 hours, following the announcement of the partnership with the French football club, Paris Saint-Germain.
Chiliz, a blockchain built for enterprise-grade esports, has gained a new validator: Paris Saint-Germain (PSG).
The French football team has joined the blockchain as a node validator, becoming The first professional sports club to validate a blockchain network worldwide.
The news has prompted CHZ price on the rise, which has risen by 10% in the last 24 hours.
According to data from CoinMarketCap, the price of CHZ rose to $0,13 on Thursday, following news that PSG will officially take on a role as a node validator on the PoS blockchain. At the time of writing, CHZ is trading at around $0,128.
Source: CoinMarketCap
PSG, official validator of Chiliz Chain
Chiliz Chain is a blockchain developed to support the Fan Tokens Socios sports platform, which brings together more than 100 clubs, associations and sports teams from around the world, mainly in football, to offer their fans a unique way to interact with their favorite teams and players.
Paris Saint-Germain (PSG) was the first sports team to partner with the Socios platform in 2018, to give its fans and supporters the opportunity to interact with the team and earn exclusive rewards. On the platform, Paris Saint-Germain has a fan token called PSG, with which its holders can participate and influence the overall decisions of the football club.
Now, PSG has taken this a step further and has become an official validator of the Chiliz Chain blockchain, Committing to the security, stability and reliability of the blockchain network.
Chiliz developers confirmed the partnership with Paris Saint-Germain via X (formerly Twitter), highlighting that the sports club will now be in charge of operating a node for the validation of transactions. As a validator, PSG will also be responsible for authorizing smart contracts and ensuring the smooth operation of the chain.
Pär Helgosson, director of Web3 at Paris Saint-Germain, emphasized the sports club's commitment to Web3 innovation, to create more direct and inclusive experiences for its fans.
For his part, Alex Dreyfus, CEO of Chiliz, highlighted that the arrival of Paris Saint-Germain to Chiliz Chain as a node validator strengthens ties to build the SportFi ecosystem.
Committed to a self-sustaining digital economy
In addition to furthering its Web3 journey, Paris Saint-Germain has committed to reinvesting all revenue generated as a validator on the Chiliz chain into the repurchase of its PSG Fan Token, in order to foster the development of a self-sustaining digital economy that benefits all its participants.
The football club's commitment to block validation on Chiliz Chain represents an important milestone for the adoption and evolution of this sports-focused blockchain.
To date, Chiliz Chain has become the launchpad for over 50 Web3 projects.
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