Altcoin News

Blockchain-based sports platform Chiliz has sealed an equity investment of an undisclosed amount from Chicago-based trading firm Jump Trading LCC. 

Jump Trading — a proprietary trading firm founded 20 years ago by Chicago futures pits veterans Bill DiSomma and Paul Gurinas — has been engaged for some time in the cryptocurrency space, alongside its wider activities in global futures, options and equities markets. The firm specializes in algorithmic and high-frequency trading strategies and has reportedly been market making for Chiliz’s tokens since early 2021.

Chiliz’s year so far has been a bullish one, with its native token CHZ hitting all-time-highs in spring of this year and many of its associated sports club fan tokens seeing major gains during the same period. Speaking to Cointelegraph, Chiliz Alexandre Dreyfus said:

“The support of Jump Trading into the Chiliz and Fan Tokens ecosystem is a recognition for the sports crypto space […] It is also an interesting move, as we firmly believe that Fan Tokens are a much, much, bigger market than NFTs and digital sports collectibles.”

Dreyfus said that Chiliz is focusing on building out the technology platform and providing utility for sports fan token holders through its consumer-facing Socios.com mobile application. 

“Having the support of Jump Trading for the liquidity and network effect of our marketplace is definitely a big upside. Their expertise and resources will help us and clubs to grow this industry globally, as it is a global game,” he said.

This year, as well as onboarding new club partners such as FC Barcelona, AC Milan and Manchester City, Chiliz revealed plans for a $50 million expansion to set up an office in New York and attempt to forge ties with North American leagues and sports franchises. 

The company has also joined forces in a long-term strategic partnership with cryptocurrency exchange Binance. In late 2020, Binance announced that Chiliz fan-tokens for Paris Saint Germain (PSG) and Juventus (JUV) football clubs would be featured on its Launchpool platform.

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