Jump Trading, a Chicago-based high-frequency trading company, has made an equity investment in Chiliz, a sports fan token website.
Chiliz, a blockchain-based sports network, has received an unspecified equity funding from Chicago-based trading company Jump Trading LCC.
Jump Trading, a speculative trading company founded 20 years ago by Chicago futures pit veterans Bill DiSomma and Paul Gurinas, has been involved in the cryptocurrency sector for some time, in addition to its larger activities in global futures, stocks, and equities markets. The company specialises in algorithmic and high-frequency trading techniques and is said to have been market making for Chiliz tokens since early 2021.
Chiliz has had a bullish year so far, with its native token, CHZ, seeing all-time highs in the spring of this year and many of its related sports club fan tokens seeing significant gains over the same timeframe.
Alexandre Dreyfus, CEO of Chiliz, told Cointelegraph:
“The support of Jump Trading into the Chiliz and fan tokens ecosystem is a recognition for the sports crypto space […] It is also an interesting move, as we firmly believe that fan tokens are a much, much, bigger market than NFTs and digital sports collectibles.”
Chiliz, according to Dreyfus, is focused on developing the technology ecosystem and delivering value to sports fan token holders through its consumer-facing Socios.com smartphone application.
“Having the support of Jump Trading for the liquidity and network effect of our marketplace is definitely a big upside. Their expertise and resources will help us and clubs to grow this industry globally, as it is a global game,” he said.
This year, in addition to welcoming new club members such as FC Barcelona, AC Milan, and Manchester City, Chiliz announced plans for a $50 million expansion to open an office in New York and establish relationships with North American leagues and sports franchises.
In addition, the firm has established a long-term strategic relationship with cryptocurrency exchange Binance.
Binance revealed in late 2020 that Chiliz fan tokens for the football clubs Paris Saint-Germain (PSG) and Juventus (JUV) will be available on its Launchpool website.
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