TLDR: Cryptocurrency is not going mainstream by itself. Mass adoption can only be achieved if more crypto companies make adoption their mission and provide new motivations for users to learn about and use crypto. In this blog series, we’ll shine a light on companies leading the fight to take crypto mainstream & explain their different approaches. Up first, we’ll share Chiliz’s philosophy of accelerating cryptocurrency adoption through sports.
Zengo’s mission is to drive crypto adoption and end financial exclusion by breaking down the complexity barriers within crypto. Our team is 100% aligned on this, and I think that’s why we do such great work together.
For us, as a crypto wallet, the approach to achieving this mission is simple: provide a secure, easy-to-use interface that makes buying and selling cryptocurrencies accessible to everyone.
But, we realize we’re just a small piece of the puzzle; there’s a lot of work to be done. Mass adoption can only be achieved if more companies within the crypto community make adoption their mission statement. Ultimately, the more companies that motivate people to learn about and use crypto, the faster the road to mass adoption will be.
To kick off what we’re calling the “crypto mass adoption series,” we’ll be taking a look at Chiliz’s philosophy of accelerating cryptocurrency mass adoption through sports.
What is Chiliz?
Chiliz stands out as one of the unique companies in today’s cryptocurrency space. The company does not offer an all-purpose crypto that vows to become the next Bitcoin or Ethereum killer. Instead, Chiliz enables sporting organizations to engage and monetize their global fanbases through a blockchain-based fan engagement and rewards platform called Socios.
Fans can use Fan Tokens, which are digital assets that provide owners with a host of benefits, including voting rights in club polls, VIP rewards, ‘super-fan’ recognition, club & sponsor promotions, games, and chat forums. Chiliz $CHZ is the digital currency that powers Socios.com, with fans using $CHZ to buy Fan Tokens.
The company has partnered with some of the biggest sports and entertainment names to drive mass adoption of crypto. 21 leading sporting organizations have partnered with Chiliz so far, such as FC Barcelona, Paris Saint-Germain, Juventus, AS Roma, and AC Milan.
Several leading esports organizations have also partnered, including Heretics, Alliance, NAVI, and OG. Additionally, Chiliz has signed a global fan engagement agreement with MMA giants UFC.
On the surface, the world of sports and cryptocurrency may not seem like they should exist in the same realm. But, for Chiliz, these two seemingly different worlds are better off together and may even be the combination needed to drive mass adoption for crypto.
Take football, for example, a sport on which Chiliz has focused much of their partnership efforts. Football is the most popular sport in the world, with 4.2 billion fans and more than 250 million active players (according to FIFA). It has been estimated that 60% of the world’s population tuned in to watch the 2014 FIFA World Cup, which took place in Brazil.
The sheer popularity and number of fans and supporters worldwide make football the perfect conduit to accelerate cryptocurrency mass adoption.
Chiliz approach is smart. By offering engagement and monetization tools to sports and entertainment franchises, Chiliz empowers them to build stronger relationships with their fans while allowing them to participate and strengthen their supported team.
But this has another important implication for the adoption of crypto. Fans who want to support their teams need to go through the usual crypto onboarding journey, and in the process, learn more about how their team’s tokens are manufactured, stored, and used.
Sports fans are onboarded to crypto through their love of sports, which helps them understand how crypto can empower new economies and opportunities and how it can be used practically to provide measurable value.
Driving crypto adoption requires an ecosystem wide effort
Although it’s impossible to know when crypto will break into the mainstream, one thing is for sure. More people outside of the crypto bubble must start learning about and using cryptocurrency in easy and practical ways that deliver real value if we’re ever going to see mass adoption.
That’s why Chiliz’s philosophy of accelerating crypto adoption through sports is so important. But like Zengo, Chiliz is just one piece of the puzzle. Ultimately, the more companies that motivate people to use and learn about crypto, the faster mass adoption will occur.
As you can probably tell, Zengo is a fan of what Chiliz is doing, and we’re committed to driving crypto adoption in our own unique way as well. If you’re interested in getting involved with Chiliz, you can find out more about them here. You can also buy, send, and receive $CHZ directly from your Zengo wallet.