In a notable development that signifies the growing adoption of blockchain technology in the sports industry, Paris Saint-Germain (PSG) has announced its deepening partnership with Chiliz (CHZ), the Malta-based FinTech provider.

PSG, one of the world’s most renowned football clubs, is set to become the first sports club to act as an official blockchain validator on the Chiliz Chain, a significant milestone for both organizations.

Chiliz $1 Billion SportFi Ecosystem Attracts PSG

According to Thursday’s announcement, the latest collaboration will see PSG play an important role in ensuring the security, accuracy, and reliability of the Chiliz chain. In particular, validators are essential to maintaining the integrity and operation of a blockchain network.

Since its partnership with Chiliz in 2018, which led to the launch of the PSG Fan Token – the club’s official digital asset – PSG has become increasingly involved in adopting Web3 in sports. The club’s approach to Web3 innovation is further highlighted by the appointment of Pär Helgosson as the Head of Web3, a position dedicated to driving the club’s digital transformation.

Per the announcement, the choice of Chiliz as the platform for this initiative is attributed to its robust $1 billion SportFi ecosystem, which attracts a large community of crypto-native sports fans. 

Chiliz’s infrastructure and support for decentralized applications (dApps) have made it a preferred platform for over 50 web3 projects, showcasing its capacity to attract large Web3 products and services.

Web3 Adoption In Sports

To support the Chiliz Chain’s continued growth, PSG has pledged to use 100% of its accrued revenue as a validator to conduct regular buybacks of the PSG Fan Token from the public marketplace. 

According to the announcement, these automated buybacks, executed through smart contracts or decentralized exchanges (DEXs) on the Chiliz chain, are expected to strengthen the club’s digital economy and regularly replenish its Fan Token reserves.

In addition to its role as a validator, PSG and Chiliz will co-host their first-ever blockchain hackathon at the Parc Des Princes stadium in Paris, France, in the summer of 2024. 

Alex Dreyfus, CEO of Chiliz and Socios.com, expressed his excitement about PSG’s involvement as an official validator, stating:

This evolution marks a significant milestone in the adoption of web3 by fans, clubs, and leagues. PSG’s active role as an official validator will undoubtedly propel our SportFi ecosystem to new areas, furthering our long-standing partnership with the club.

Pär Helgosson, Head of Web3 at Paris Saint-Germain, emphasized the club’s commitment to designing and shaping the future of web3 sports, stating: 

Our commitment is to build a more empowered and sustainable web3 ecosystem, leveraging the solid foundation of our existing relationship with Socios and Chiliz. PSG is committed to fostering innovation, and the club will continue to develop opportunities with other partners in this space.

CHZ Skyrockets To $1.13 Billion Market Cap

Following the announcement on Thursday, the Chiliz native token CHZ, originally launched as an Ethereum-based ERC-20 token, has experienced a significant surge in its trading price, reaching $0.1283 and achieving a market capitalization of $1.13 billion.

Since the beginning of Thursday, the token has continued its upward trend, witnessing a 9% price increase. This growth adds to the token’s sustained positive performance over longer periods, aligning with the overall market trend.

Over the past seven and fourteen days, CHZ has demonstrated notable price increases of 19.5% and 25%, respectively. Moreover, within the last thirty days, it has experienced a remarkable surge of 32%, allowing the token to bridge the year-to-date gap. Despite a decline of approximately 6% over this timeframe, the recent surge has significantly mitigated the overall loss.

Featured image from Shutterstock, chart from TradingView.com

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•  CHZ’s price shows bullish signs as price breaks out above its range channel showing signs to rally high as FTX fiascos continue. 
•  CHZ’s price trades above $0.25 with the market’s current state, as things look uncertain for most traders and investors. 
• CHZ’s price bounces from a low of $0.2 on the daily timeframe as the price aims for a rally to $0.4 above the 50 Exponential Moving Average (EMA)

The price action displayed by Chiliz (CHZ) in recent times has been encouraging, considering how close the world cup has come. After the FTX saga that has troubled the hearts of many traders and investors, the price of Chiliz (CHZ) has given many a reason to be hopeful. The Domino effect of the FTX saga and other huge investors involved has left the market at a standstill as the market is yet to make a major move after previous weeks saw the price of Bitcoin (BTC) perform well, rallying from a low of $19,200 to a high of $21,600. The fever of the world cup beckons on most traders and investors shifting their hearts from the recent downtrend in the market. (Data from Binance)

Chiliz (LTC) Price Analysis On The Weekly Chart

The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.

The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.

FTX news hugely impacted the price of CHZ, sending the price into a spiral movement to a region of $0.2 as the price bounced off this region with what looked like a temporary demand zone to hold off a big sell-off.

With the world cup fast approaching, the price of CHZ picked up being a fan and community token with so many expectations for this one.

The price of CHZ bounced off this region showing some great strength to a region of $0.25 as the price aims to break higher to $0.4. The price of CHZ needs to hold above $0.3 for more signs of relief toward $0.4.

Weekly resistance for the price of CHZ – $0.3.

Weekly support for the price of CHZ – $0.23.

Price Analysis Of CHZ On The Daily (1D) Chart

The price of CHZ remains considerably strong in the daily timeframe as the price trades above $0.23 support after bouncing off from the region of $0.2.

If the price of CHZ holds above $0.23, we could see more rallies for the CHZ price; with the world cup getting closer, this could be a catalyst for the price of CHZ.

Daily resistance for the CHZ price – $0.3-$0.4.

Daily support for the CHZ price – $0.24.

Featured Image From Premium Times, Charts From Tradingview

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Several altcoins have not only outperformed Bitcoin and Ethereum in the last three months but have also posted impressive gains.

The post These 3 altcoins have completely ignored the bear market in the last 90 days appeared first on CryptoSens.

A mix of fundamental, on-chain and technical catalysts has driven the CHZ price to its best levels since April 2022. What’s next?

The post 3 reasons why Chiliz is up 35% this week — And where is CHZ price heading next? appeared first on CryptoSens.