Turkish largest football club Galatasaray has made a great progress with its $GAL Fan Token within the world of football and this has opened many doors of opportunities for the football club.
So, Galatasaray has decided to expand its crypto coverage to the world of basketball and e-sport, courtesy of its partnership with Chiliz, a crypto-based sport and entertainment platform.
Galasataray, following the decision, will be adding its basketball and esports teams to Chiliz-backed Socios.com application, giving fans in that section of the sporting world the opportunity of voting and earning crypto via the application.
This may possibly be the reason the $GAL token surged by $200% within the first two hours of trading on the Chiliz Exchange, and the trading volume of the fan-based cryptocurrency surpassed $1 million within the first few days, Chiliz has said.
The one-time UEFA cup winner went digital with payment and some other activities after partnering Chiliz in 2019. The extension of Galatasaray’s crypto coverage into basketball and esports is seen as one that would help the club better reach out to it fans, as well as increase the appeal of $GAL significantly.
Through the Chiliz-dependent $GAL token, Galatasaray gives its fan more sense of belonging by allowing them to participate in some of the club’s activities like voting. Also, fans who are crypto lovers can buy some of the club’s products like merchandized using the $GAL token.
Galatasaray’s $GAL Crypto Token Surges 200% in 2 Hours
On June 5, 2020, after the launch of $GAL token on Chiliz exchange, the fan token surged by over 200% within the first two hours of trading on the platform.
The cryptocurrency also witnessed significant rise over the weekend, and according to Chiliz, $GAL which began trading around $1 at the start of trading on the exchange, rose to around $4.97 Monday, June 8, and the trading volume of the cryptocurrency also surpassed $1 million.
Image Credit: Medium.
$GAL token went live on the exchange on Friday, June 5, at around 3pm CEST. $GAL fan token is now available on the Chiliz’ fan voting & rewards app Socios.com. Hence, Galasataray fans can now buy and use the token for various purposes.
The CEO of Chiliz and Socios.com, Alexandre Dreyfus, applauded fans of the football club for their encouraging initial response at the time the token was listed on the exchange.
Dreyfus furthered that the company is looking forward to onboarding more tokens in the future from most recognizable sports brands across the world.
$GAL token is the second fan token to go live on the Chiliz exchange for trading. Earlier, Juventus $JUV fan token was listed on the exchange. $JUV has also surged from €2 during its Fan Token Offering (FTO) time to $7.75 now.
However, while Chiliz had also partnered with the likes of Paris Saint-Germain, CA Independiente, AS Roma, Atlético de Madrid, FC Barcelona and esports giants OG, their fan token $PSG, $CAI, $ASR, $ATM, $BAR and $OG have not yet live on the exchange, but they are expected to soon go live.
Tokens listed on the crypto exchange platform Chiliz.net are traded against the sports & entertainment leading crypto, Chiliz $CHZ.
Chiliz Sees Remarkable Growth in Recent Times
In recent times, Chiliz has seen amazing growth in the crypto industry. The crypto-based entertainment and sports company raised over $60 million in 2018 via private placement. At present, the company already has not less than 65 clubs and companies as its members across 24 countries.
The $CHZ cryptocurrency has been listed on exchanges like Binance, WazirX, Upbit, Bitpanda, and Bitfinez, the firm says it is looking forward to going live on other exchanges.