Chiliz (CHZ) has seen a dramatic price increase of 43% in the last 24 hours as the coin trends on Coinmarketcap.

Chiliz is a blockchain fintech provider for sports and entertainment. The project aims to provide a platform for sports fans to engage with their teams for payments, digital products and provide alternative means of payment options.

According to the Chiliz website, some big football clubs have already partnered up with the project such as PSG, Manchester City and FC Barcelona, which may have led to the price hike.

Football and sports teams are showing greater interest in blockchain technology and cryptocurrencies as ways to better connect with their fans.

FC Barcelona has already unveiled its own fan token which fans can use to vote on club decisions, such as kit designs and other design choices. If Barcelona is also a partner of Chiliz it will be interesting to see how the club incorporates this with its existing infrastructure.

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Why is Chiliz hot right now?

With the delayed Euros 2020 kicking off tonight, it is possible that there is more interest in sports related projects with the hope that the tournament could be a catalyst for these projects to make further gains.

To start the tournament off tonight, Turkey will be playing Italy in what is set to be a long-awaited return to international football.

Chiliz (CHZ) is the utility token for Socios.com, which helps to facilitate fan engagement. Users can go to this website to buy the tokens and participate in smart contracts specially set up for their club.

This post was originally published on Coinlist.