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If you have a debit or credit card, you can use them to buy Chiliz tokens (CHZ) directly from the Socios app. You can also go the more common route and head to a crypto exchange or a crypto trading platform. There are lots of options, but we like to think that ours is the best. It’s the first regulated crypto platform in Canada, and Canadian investors who use Wealthsimple’s trading platform have their coins held by Gemini Trust Company, LLC, which is also a regulated crypto custodian with its own (also regulated!) cryptocurrency exchange.
Buy and Sell Bitcoin, Ethereum, and over a dozen other cryptocurrencies with Wealthsimple. Sign up and Trade here.What is CHZ?
It’s pretty cool, actually. CHZ brings the power of the blockchain to sports. It’s the native token of the Socios platform, which has built partnerships with numerous soccer clubs around the world, including Barcelona, Paris Saint-Germain, and Arsenal. Chiliz is also the official fan token platform of UEFA, the European soccer federation that, among other roles, hosts the Champions League club tournament between the best teams in the world. You’re not into soccer, you say? Socios has also been expanding into hockey, UFC, basketball, gaming, motorsports, and tennis.
Each partner organization has its own token, which comes with its own kinds of perks. If you want to buy those tokens, you have to do it with the CHZ coin. Regular money just doesn’t cut it.
What you can do with CHZ
By using CHZ to buy a team’s fan token, you gain specific bonus privileges. In some cases, holders get to vote on certain things that the organization does. PSG, the Paris Saint-Germain Fan Token, for instance, lets token holders vote on the message on the captain’s armbands. (They chose “Ici c’est Paris” — “This is Paris.”) Juventus fans picked “Song 2” by Blur to be the song that plays each time the club scores a goal at its home stadium. It is a very cool way of involving fans in their favorite teams.
Through these small acts, the organizations hope to give token holders a sense of ownership. But maybe you want more than that. Don’t worry, there are other rewards too. All soccer fan token holders can get special privileges at home league, cup, and European matches. Organizations often offer additional benefits, which, according to Socios, can include meet-and-greet events, signed shirts, and even the chance to fly with the team to an away game.
Of course you can also use CHZ to speculate. Just know that, since CHZ crypto exists in the volatile crypto market, CHZ price prediction can be a bit like the offside rule: hard to figure out in real time.
The future of CHZ
Socios is currently contending with allegations that its founder withheld payment to advisors in order to prop up the value of the CHZ token — something the company has denied. Outside of that turmoil, there are plans to construct a new version of the wider Chiliz ecosystem: Chiliz Chain 2.0. This chain is set to be built through a partnership with Ankr, and it will be based on the Binance Smart Chain, which is faster and cheaper, but less decentralized, than the Ethereum blockchain it currently uses. Its testnet — called Scoville — is now live. Once the official version of Chiliz Chain 2.0 is live, investors will also be able to stake the token — as in, put up assets as collateral to secure the network and validate the ecosystem’s transactions — within the Chiliz network to earn extra CHZ coin rewards.
Frequently Asked Questions
Whether the Chiliz coin is a good investment for you depends on your personal investing goals. CHZ is a form of cryptocurrency, and the crypto market is notoriously volatile: prices can swing up and down, often surprisingly. If you want to buy Chiliz coins as a form of speculation, CHZ can serve as a riskier part of your financial portfolio. Whether it’s too risky for you — or the right amount of risky — may depend on how much you’re comfortable losing for the sake of potentially seeing substantial gains. Only you can make that decision.
A Chiliz coin is used in the Socios app to buy fan tokens for different sports teams and leagues, which offer special perks to people who hold those fan tokens. Though, CHZ can also be bought and sold as a form of speculation, in which investors buy and sell CHZ based on its (often volatile) price changes.
Oooh, too late! All of the 8,888,888,888 CHZ tokens were minted at its launch and are slowly being distributed.
That really depends on you. People who want to buy fan tokens from some of their favorite sports teams can use the CHZ tokens to do so, through the Socios app. Though for crypto investors, the main utility of CHZ may be its ability to be bought and sold as a form of speculation.
The total supply of Chiliz tokens is 8,888,888,888, though not all of those tokens are currently circulating. As of April 2022, about 6 billion CHZ are in circulation.
Last Updated June 14, 2022
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