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Exclusive - Transak adds Chiliz support to simplify acquisition process

Published 04/02/2024, 09:17 AM
Updated 04/02/2024, 09:17 AM
© Reuters.

Web3 payments infrastructure provider Transak has expanded its offerings to include Chiliz ($CHZ), the native cryptocurrency of the sports blockchain platform Chiliz, Investing.com has learned.

The collaboration facilitates access to Chiliz's Fan Token ecosystem, offering fans a direct gateway to participate in its token-based initiatives. The integration also broadens the scope for sports enthusiasts to engage with fan tokens while simplifying access to cryptocurrencies for wider adoption. 

Transak provides payment and onboarding services that enable users to buy and sell digital assets, taking care of the know-your-customer (KYC) obligations, risk surveillance, and compliance for its customers. It serves major crypto wallet providers like MetaMask and Coinbase (NASDAQ:COIN) Wallet and also joined Visa (NYSE:V) Direct to enable users to convert their crypto holdings into fiat in nearly real-time.

“This partnership is a significant move for both companies, unlocking a wider user base of sports fans to enter the world of fan tokens. "We believe that simplifying crypto access is a crucial step in mainstream adoption," said Sami Start, CEO of Transak. "By listing Chiliz on Transak, we further lower the barrier to entry for the rapidly flourishing world of sports and entertainment fan tokens."

The integration of Chiliz will also enhance the user experience for fan token enthusiasts. "We're constantly working to ensure fans have a seamless and effortless way to acquire CHZ and their favorite Fan Tokens. Working with Transak is a major step forward in that mission. This integration opens up new avenues and markets for us," added Alexandre Dreyfus, CEO of Chiliz and Socios.com.

The Chiliz Chain is a layer-1 blockchain that aims to be the preferred blockchain for sports franchises. It originated as a fork of the Binance Smart Chain and employs a staking-based consensus mechanism that uses its native CHZ token.

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