Cryptocurrency companies use sporting institutions to promote their services and create awareness about the market. Bitso, one of the leading crypto exchanges in Latin America, is the latest crypto entity to follow this route.
Latin American cryptocurrency exchange Bitso announced earlier today that it has partnered with the Brazilian soccer team São Paulo Futebol Clube (SPFC). The three-year sponsorship agreement is set to take effect later this month.
Per the terms of the sponsorship, Bitso’s logo will appear on São Paulo’s official jersey. The Bitso logo will also appear in the club’s Morumbi stadium. The logo will be displayed in a special area in the stadium to be named after Bitso.
Bitso’s VP of Marketing, José Molina, revealed that the partnership would see Sao Paolo allow its fans to pay for tickets in merchandise with cryptocurrencies. The cryptocurrency payment option will launch in six months, Molina added.
Bitso and Sao Paolo didn’t disclose the financial terms of the agreement. The cryptocurrency exchange currently operates in various Latin American countries, including Argentina, Brazil, Colombia, and Mexico.
Mercado Bitcoin is currently the largest cryptocurrency exchange in Brazil, but Molina said Bitso wants to claim that title before the end of the year.
Crypto Exchanges Continue to Partner with Sporting Institutions
Cryptocurrency exchanges are promoting their services via partnerships with sports institutions, athletes, and celebrities. Last year, FTX, one of the leading crypto exchanges globally, bought the naming rights to the home arena of NBA team Miami Heat for $135 million.
The exchange also partnered with the Major League Baseball and esports organization TSM. Another leading crypto exchange, Crypto.com, bought the naming rights of the Staples Center in a deal worth $700 million. The popular sports center is now called the Crypto.com Arena.
On December 23, Crypto.com bought a Super Bowl airtime. Super Bowl LVI will take place on February 13, 2022, at SoFi Stadium Los Angeles, and a Crypto.com advert will be on display during the event. Crypto.com is also an official partner of the French-based Paris Saint Germain football club.
Crypto.com also became the first crypto exchange to sponsor a women’s sports team. On December 21, the exchange announced that it became Angel City FC’s (ACFC) exclusive partner.