Kick off: CHZ token down as World Cup continues and holders on FTX could receive compensation
Chiliz, the global blockchain provider for the sports industry, has seen its native token CHZ fall in value as the FIFA World Cup Qatar 2022 continues.
At the time of writing, CHZ was down almost 10% in seven days, according to CoinMarketCap, and was trading at $0.1681 on the morning of 30 November.
On 22 November, Alexandre Dreyfus, CEO of Chiliz and the engagement and reward app Socios.com, attended the match between Argentina and Saudi Arabia in Qatar. At the same time CHZ dropped by 3.80% compared to the previous day.
In the run-up to the FIFA World Cup on 16 November 2022, CHZ saw an increase in the value as teams geared up for the tournament. CHZ saw a 12.22% increase over the previous seven days and a 4.59% increase from the previous day.
The World Cup is running until 18 December.
Chiliz and Socios.com have partnered with multiple football clubs, including Manchester City (CITY), Arsenal (AFC), Juventus FC (JUV), Atletico Madrid (ATM), AS Roma (ASR), Paris Saint-Germain (PSG) and AC Milan (ACM),to launch Fan Tokens.
After the 22 November match, Dreyfus said on Twitter: “I’m exhausted.
CHZ to USD
FTX compensation scheme
On 13 November, two days after FTX, the cryptocurrency derivatives exchange filed for bankruptcy, Dreyfus announced that he was attempting to allocate 38 million CHZ to compensate up to $10,000 (£8,439) to FTX users who held CHZ.
Dreyfus said that Chiliz would be engaging “with the liquidator in order to facilitate this coverage over next weeks”.
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World Cup has a crypto feel
In March 2022, Crypto.com announced it will be an official sponsor of the FIFA World Cup Qatar 2022.
The crypto platform will be the exclusive trading platform sponsor of Qatar 2022 and will “benefit from significant branding exposure both within and outside the tournament’s stadiums”.
At the time Kris Marszalek, co-founder and chief executive officer CEO of Crypto.com, said: “We could not be more excited to sponsor the FIFA World Cup, one of the most prestigious tournaments in the world, and to drive further awareness of Crypto.com globally.
“Through our partnership with FIFA, we continue to use our platform in innovative ways so that Crypto.com can power the future of world-class sports and fan experiences around the world.”
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