Chiliz will set up a fund of 50 million USD to invest in Web3 projects in the sports and entertainment sector that are built on the newly announced blockchain.
Chiliz (CHZ), the unit behind many famous fan tokens in the cryptocurrency market, announced a partnership with Jump Crypto investment fund to establish a $50 million funding fund for projects developed on the Chiliz blockchain. Chain 2.0.
As reported by Kyptos, in early February 2023, Chiliz launched a new blockchain platform called Chiliz Chain 2.0, which supports decentralized application development and is EVM compatible with Ethereum. This Layer-1 will in turn announce 10 projects incubated for the new blockchain by Chiliz in the near future.
According to the latest announcement on the evening of March 1, Chiliz will invest with Jump Crypto in ideas to apply Web3 solutions to sports and entertainment, from selling tickets in the form of NFT or providing experiences through fan tokens. similar to Chiliz’s model.
We are pleased to announce the launch of our $50M USD incubator and accelerator program Chiliz Labs!
Backed by @jump_ 🤝 Chiliz Labs will foster viable and innovative early-stage blockchain projects looking to leverage the new Chiliz blockchain.
— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) March 1, 2023
Chiliz is currently facing stiff competition from Sorare, the NFT project is also very active in the field of sports and entertainment and has recently acquired the image rights of all participating teams. attend the English Premier League.
Chiliz’s CHZ token price has increased slightly after the news of the creation of a $50 million fund with Jump Crypto was announced.