SBI Digital Asset Holdings, the crypto asset arm of Japanese securities and banking giant SBI Holdings, announced its partnership with sports blockchain provider Chiliz on Thursday, in a bid to expand the sports fan token ecosystem in Japan.
The pair said in a statement shared with The Block that they plan to set up a joint venture in the country to provide local fans access to tokens from popular football clubs such as Manchester City and AC Milan. “The partnership between SBI DAH and Chiliz will bring together the best-in-class capabilities of both traditional finance and Web3, leveraging fintech innovations to transform the sports and entertainment experiences for communities,” said Fernando Luis Vázquez Cao, CEO of SBI Digital Asset.
The joint venture seeks to provide token-based sporting experience and rewards for Japanese fans, including game-day activations and voting rights on fan-related decisions, according to the statement. Chiliz currently hosts 82 fan tokens and has more than 150 sports partners globally, according to its website. It operates Socios.com, the Web3 wallet and engagement platform for sports fans.
SBI Group, established in 1999, is a Japanese financial conglomerate with over 50 million customers globally. The group partnered with Circle last November to expand USDC stablecoin usage in Japan.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures.