PSG Teams Up with Chiliz Blockchain, Boosting CHZ Price by 9%

Paris Saint-Germain (PSG) has taken a pioneering step in its partnership with Chiliz Blockchain and Socios.com by assuming the role of becoming an official blockchain validator on the Chiliz Chain.

This unprecedented move establishes PSG as the first sports club worldwide to undertake the responsibility of blockchain validation, marking a significant milestone in the intersection of sports and blockchain technology. Chiliz posted news of the development on Medium.

The partnership reminds Crypto and football enthusiasts of the acquisition of 24.5% of FC Barcelona Barça Studios in 2022.

PSG’s Impact on CHZ Price Surge

The announcement of PSG’s involvement as a blockchain validator on the Chiliz Chain has sparked considerable excitement within the cryptocurrency community, particularly impacting the price of Chiliz (CHZ).

Trading at $0.1303, with a notable trading volume of $170,128,666 in the last 24 hours, CHZ has experienced a remarkable surge, witnessing a 9% increase following PSG’s validator partnership announcement. The surge not only reflects investor confidence in Chiliz and PSG’s collaboration but also signals the growing influence of sports entities in the cryptocurrency market.

PSG’s Role in Blockchain Innovation

PSG has by this move as a validator, not only strengthened its collaboration with Chiliz but also set a transformative precedent for sports clubs globally to embrace blockchain technology in innovative ways.

This strategic maneuver highlights PSG’s dedication to advancing innovation and enhancing fan interaction via state-of-the-art technologies. PSG’s adoption of blockchain technology resonates with the philosophy of Web3, emphasizing decentralization, transparency, and empowering the fan base.

PSG’s foray into blockchain technology extends beyond its role as a validator, as evidenced by initiatives like the PSG Fan Token. The PSG Fan Token serves as a pivotal component of the club’s Web3 ecosystem, facilitating direct-to-fan interactions and offering unique digital experiences to supporters worldwide.

Through the PSG Fan Token and its validator role on the Chiliz Chain, PSG is hoping to revolutionize the fan experience by enabling active participation and ownership within the club’s digital space. A dream of Chiliz to integrate blockchain in sports.

Blockchain Hackathons

In addition to its validator partnership, PSG and Chiliz are set to drive further innovation in the sports industry by organizing blockchain hackathons at the iconic Parc Des Princes stadium. These hackathons will provide a platform for developers to collaborate and innovate on Web3 solutions, with a focus on enhancing fan engagement and club operations.

Furthermore, PSG has unveiled a forward-thinking revenue strategy, wherein the club plans to conduct regular buybacks of the $PSG Fan Token using revenue generated from its role as a node validator on the Chiliz Chain. It will not only ensure the sustainability of PSG’s digital economy but also benefit token holders by enhancing the scarcity and value of the $PSG Fan Token.