Another entertainment based cryptocurrency is hitting big on the market as it recently reached a valuation of over NGN495.3 Billion ($1.3 Billion). “Chiliz is a currency option for blockchain-backed products & services geared towards mainstream consumers. We want to elevate everyday experiences – fan engagement in entertainment, alternative payment solutions for conventional products, and more.” Says chiliz.com, the options website.
The cryptocurrency which was originally created to help football lovers support their favorite teams by buying branded tokens used in influencing the team had enjoyed almost a 6 times increase from it’s initial trading price around the NGN23 ($0.06) bounds early this month to now trading at NGN135 ($0.33).
It had on Feb. 24 launched the AC Milan token in conjunction with the crypto trading platform, Binance to help the club’s supporters throw in their offerings which generated a whopping revenue of $6 million into the chiliz system.
The CEO, Alexandre Dreyfus announced on Mar. 2 their plans to expand operations to the USA by allocating $50 million to this cause, this may have been an enticer to the United States crypto merchants to be involved in one way or the other so they don’t miss out.
It is currently ranked 65th on the valuation rank of cryptocurrencies and looks very promising as it is currently in talks with Formula 1 to get into the motor sport too.
All money amounts reflected in the Nigerian Naira are in tune with the foreign exchange rate as at publication time.
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