Chiliz CHZ gains 25% on Socios and FC Barcelona collaboration

Chiliz (CHZ) cryptocurrency increased by up to 25% in Asia on Monday evening following the announcement of a US$100 million investment in FC Barcelona’s Barça Studios for a 24.5 percent share in the soccer club’s digital production and distribution hub.

According to Chiliz’s blog post on Monday, Socios.com and Chiliz will become the club’s technology partner to strengthen the club’s blockchain, non-fungible tokens (NFT), digital assets, and Web3 strategy.

Chiliz is the cryptocurrency of Socios.com, a sports and fan engagement platform.

The new investment expands on an existing collaboration that began in February 2020 with the introduction of the FC Barcelona fan token (BAR) on Socios.com.

According to CoinMarketCap, BAR was trading at US$6.23 up 18% since the announcement, and CHZ was trading at US$0.1569 at press time.

Since 2019, Socios.com has collaborated with six La Liga teams to provide blockchain and cryptocurrency-powered fan engagement to the sports business.

Socios.com is also working on Web3 initiatives and crypto-powered fan engagements for other major sports leagues, such as the National Basketball Association (NBA) and the National Football League (NFL) (NFL).