Jointly establish a blockchain-technology-driven sports entertainment platform
HONG KONG, March 1, 2021 /PRNewswire/ -- V1 Group Limited, ("V1 Group" or the "Company", together with its subsidiaries, the "Group"; stock code: 00082.HK) announces that the Group has, through Beijing Crazy Sports Management Company Limited (''Crazy Sports''), entered into a strategic cooperation framework agreement (the ''Framework Agreement") with Hainan HuoChain Technology Co., Ltd. ("HuoChain Technology'') on 27 February 2021. According to the Framework Agreement, the two parties will empower the sports quiz industry based on blockchain technology, and establish a strategic partnership in industry solution consultation, digital business model, quality project cooperation and brand cooperation and promotion. The parties will jointly explore new business models of sports quiz, sports-themed mobile games and other businesses that use digital currency as payment method, with an aim to establish a model showcase of ''Blockchain + Sports''.
As one of the leading companies in the blockchain industry, HuoChain Technology under Huobi Group (Huobi China) has developed proprietarily numerous HuoChain blockchain technology based technical applications with intellectual property rights. These are empowering more than 20 industries including retail, FMCG, e-commerce, Internet of Things and tourism, leveraging support from HuoChain Technology Research Institute, HuoChain Technology College, Industry Empowerment Center, HuoChain Labs to roll out blockchain-industry-based one-stop full life cycle professional service offerings to pursue proactively digitization of traditional industries, industrialization of digital technologies, and promote full-fledged "blockchain + " developments.
As a first step for this cooperation, the two parties will jointly establish a blockchain-driven sports entertainment platform, based on the sports quiz business Crazy Sports already secured an approval in Hainan. The two parties will also jointly pursue strategic cooperation in various aspects seeking to exhaust application of blockchain technology in the sports quiz industry, applying HuoChain as the blockchain technology backbone, and use the smart contract technology Plug In on the chain to accomplish authentic and credible automated implementation of the full process of the quiz busines. Leveraging the distributed ledger and corruption-proof features of blockchain technology, the authenticity of the asset data is guaranteed. Based on the combination of various technical modules on the chain, rights and interests of participants in the ecosystem are effectively safeguarded, facilitating extension of the ecosystem in multiple dimensions. The two parties will also deepen their understanding and application of the industry's cutting-edge technologies, industry standards, and industry innovation models, supporting the implementation of technical services with solid technical research, and establishing a model showcase of combining blockchain technology with the sports quiz industry.
For the sports quiz industry, blockchain technology features corruption-proof, high data fidelity with traceability of data on the chain, constituting a transparent and credible technology environment. Blockchain technology empowers the sports industry to help ensure the authenticity and credibility of off-chain information. It features hurdles restricting corruption of on-chain data, thereby enhancing credibility of the sports quiz industry and related products.
According to relevant national and Hainan Province policies, Hainan Province is to develop a sports entertainment industry with special features, to explore the development of a prize-winning quiz points system and monitoring platform. Crazy Sports through its subsidiaries have secured the eligibility to roll out sports quiz business in Hainan. V1 Group CEO Mr. Peng Xitao said, "Leveraging the 200 million-plus lottery fans accumulated over the years of operations, we are planning to evolve around the internationally renowned sports events such as the UEFA, the World Cup, and the five major leagues, e-sports events and sports events introduced by Hainan, to cooperate with HuoChain Technology to apply blockchain technology to the establishment of an online prize-winning quiz system platform. We will launch a universal digital points system in Hainan Island, and jointly nurture a blockchain-technology-driven internet sports entertainment platform." Mr. Peng pointed out that the Central Government supports the establishment of Hainan as an international tourism and consumption centre and a showcase of international sports tourism. "The launch of this platform aligns well with our reward points system that stimulates tourism consumption demand in Hainan to spur development of featured cultural sports tourism."
About V1 Group
V1 Group is a leading sports lottery and entertainment service provider in China. The Group through Crazy Sports operates: (i) Crazy Red Insights APP, a paid sports lottery information services platform, (ii) Crazy Sports APP, a match information, livestreaming and social interactive platform, China Soccer Lottery website; (iii) online mobile interactive game applications, and (iv) provision of sales services of lottery tickets through nationwide retail channels in China.
As an internet sports entertainment community and lottery information platform in China. guided by sports marketisation, connectivity and digitalisation, we are dedicated to forge a comprehensive culture and sports ecosystem to provide reliable sports products and services for the vast Chinese sports enthusiasts.