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Kick off: CHZ token down as World Cup continues and holders on FTX could receive compensation

By Darius McQuaid

Edited by Charlie Mellor


Updated

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In this article:
CHZ/USD
Chiliz / USD
0.13750 USD
-0.00519 -3.690%
ACM/USD
AC Milan to USD
2.7558 USD
-0.105 -3.690%
ATM/USD
Atletico Madrid to US Dollar
3.2517 USD
-0.13 -3.860%
CITY/USD
Manchester City to US Dollar
4.4560 USD
-0.1799 -3.870%
JUV/USD
Juventus to US Dollar
2.9606 USD
-0.1401 -4.540%

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A fan poses in the Corniche area ahead of FIFA World Cup Qatar 2022
Crypto.com is an official sponsor of the FIFA World Cup Qatar 2022 – Photo: Getty Images

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.

“I watched my first ever live World Cup match and what a match. So intense. Don’t tell anyone, but I may start to like watching football.” 

CHZ to USD

XRP/USD

0.40 Price
-3.270% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00321

DOGE/USD

0.09 Price
-4.120% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.0011044

ETH/USD

1,582.22 Price
-3.960% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00

BTC/USD

23,132.80 Price
-2.980% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 60.00

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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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

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