The crypto borrowing and lending platform Nexo recently provided transparency into exactly how its business makes money. Its lengthy breakdown follows the collapse of numerous high-profile crypto lending firms that were overexposed to defunct projects and businesses. Nexo’s Business Model As Nexo explained in a Twitter thread on Monday, Nexo’s primary business strategy is to facilitate collateralized credit. Its core services include crypto collateralized loans, interest-bearing crypto accounts, and spot, futures, and options trading. Through its Earn product (crypto interest…
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AC Milan teams up with Chiliz to launch fan token for its 450M supporters
Legendary Italian football club AC Milan has teamed up with Chiliz to launch its fan token (ACM). Supporters of the club will be able to participate in the club’s governance and benefit from the partnership.
Fan Utility Token
The AC Milan Fan Token (ACM) is a utility token that will allow the club fans to exert symbolic influence on club decisions using the Socios app. Token holders will participate in surveys, earn non-fungible tokens (NFT) or even participate in exclusive events.
Chiliz revealed this partnership in a blog post and stated that the ACM token would be made available on Socios.com in the coming weeks. Alexandre Dreyfus, the founder of Chiliz, believes that Milan fans will benefit from the launch of the utility token. ‘’Fans of the Rossoneri will benefit from unprecedented engagement with their favorite team and much more,’’ he said.
The Head of Marketing at AC Milan, Casper Stylsvig, explained the decision behind the launch of a fan token. According to him, the token would help the club reach more supporters globally, especially in the context of COVID-19.
Chilliz continues to expand its reach in the sporting industry.
The addition of AC Milan brings the number of sports organizations associated with Chiliz to 20. Among these are European football giants like Barcelona, Paris Saint-Germain, AS Roma, and Juventus. The blockchain platform has also partnered with various esports teams and a major MMA organization, the UFC.
What is unique about Chiliz is that fans of the respective football clubs have been receptive towards the fans’ tokens. For example, Barcelona token holders could vote on the location of a fan-design artifact in the team’s dressing room. In contrast, Juventus token holders had their say in choosing the club’s new celebration song. This development shows how Chiliz uses blockchain technology to breach the divide between sporting clubs and their fans.
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In December, Chiliz joined forces with Binance to distribute some of the PSG and Juventus fan tokens. Users of the exchange were invited to stake BNB and BUSD to earn fan tokens. Chiliz tokens continue to increase in popularity and are accessible via the Socios.com application, which has reportedly been downloaded 450,000 times.
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