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Blockchain-powered fan token company Chiliz unveiled plans for a $50 million incubator initiative to invest in early-stage web3 startups focused on sports and entertainment. The program is baptized laboratories chiliz and will support the projects that choose to build on the blockchain layer 1 compatible evm of the society.
In accordance with Wednesday's official announcement, crypto vault will support the incubator program. Jump crypto works like the jump trading investment division, a market located in Chicago and a trading firm. Jump Crypto will offer “strategic guidance and funding” to support projects in the incubator.
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We are excited to announce the launch of our chiliz labs incubator & accelerator program!
Backed by ?? Chiliz Labs will foster viable and innovative early-stage blockchain projects looking to leverage the new Chiliz blockchain.
— Chiliz ($CHZ) – Powering Socios.com ? (@Chiliz) March 1, 2023
Jump Crypto's president, Kanav Kariya, noted that the fan token platform reinvents the sports fanship and connects the entertainment industry with blockchain technology. Kariya is of the opinion that the web3 ecosystem is able to bridge the gaps between the sports fans and the team they support.
The start-up has promised to unveil its first partners and projects in the near future. Reports say the company will name approximately eight to 10 startups that build on the Layer one blockchain..
Chiliz changes the way we think of it as being a fan of a sports team, and we are extremely pleased to support chiliz labs to take advantage of web3 technology to connect teams and their fans. We will continue to work closely with chiliz to bring blockchain and cryptography expertise to the sport and entertainment industries, contributing to community events like programming marathons.
Chief Executive Officer, Chiliz and Socios.com Dreyfus said the company hopes to build a digital ecosystem fuelled by fan experiences and transactions where fan tokens provide access to all products and solutions.
The price of the chz rose to 8% after the publication of the news on March. 1.
Chiliz rolls out EVM. Layer 1 Blockchain
The blockchain ventilator interaction company launched its Ethereum Virtual Machine compatible layer 1 network at the beginning of February 2023. As previously reported, the network uses a Proof-of-Stake-Authority (PoSA) consensus model.
Thanks to the compatibility with evm, the developers of the chiliz network will be able to distribute intelligent contract codes on the Ethereum network and take advantage of decentralized solutions on the second largest crypto blockchain.
