A Maltese blockchain company is expanding its operations to the United States in a $50 million investment into the American sporting industry. 

Chiliz, a Malta-based blockchain fintech provider for sports, will be opening an office in the US in a bid to target the country’s top sports franchises.

“A huge focal point for us in our global growth plans in the US. That’s why we’re opening a New York office and investing $50 million into the country’s sports industry in order to launch fan tokens with leading franchises from the five major US sports leagues,” chief executive Alexandre Dreyfus told Reuters. 

The Malta-based blockchain business offers fans voting rights on certain club decisions, as well as receive special promotions and rewards with top-tier sports clubs, through a digital revenue system it calls fan tokens. 

Multiple football teams currently operate with Chiliz’s fan token including Juventus, Paris St Germain, Barcelona, and, most recently, AC Milan. 

“We head to the US with a proven track record in generating millions of dollars of revenue for some of Europe’s biggest sporting organisations,” Dreyfus continued. 

Chiliz’s fan tokens are currently listed on Binance, a leading cryptocurrency exchange with offices in Malta.

“Fan tokens right now are just hitting the perfect itch at the perfect time – fans are disconnected physically from their fandom, and this helps bridge that gap,” Joseph Edwards, head of research at Enigma Securities, told Reuters.

“It just hits right in the current moment that sports entertainment finds itself in.”

According to Reuters, Chiliz are also in talks with Formula One and e-sports.

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