Binance, the world’s largest cryptocurrency exchange, has signed its first sponsorship agreement with a national football team.
The digital exchange just entered into a five-year deal with the Argentine Football Association (AFA), Insider Sport reports.
This comes five months after Binance entered into a partnership agreement with the Confederation of African Football, becoming the exclusive cryptocurrency and blockchain sponsor of the African Cup of Nations.
This new deal names the Cayman Islands-headquartered exchange as the main global sponsor of Argentina’s national teams.
Additionally, the partnership means that the Binance Coin (BNB), a token created by Binance in 2017, will become the only official fan token of the AFA while the partnership lasts.
Maximiliano Hinz, Binance’s General Director for Latin America, has said that the partnership will bring more technology and innovation to the Argentine sports industry and millions of fans.
The move will also “expand crypto adoption for the benefits of users, the cryptocurrency and blockchain community, and society in general,” Hinz explained.
Claudio Tapia, AFA’s President, said the collaboration will enable both partners to “project actions for five years, work on various projects and establish a work plan that will undoubtedly deliver great results for both parties.”
Tapia further explained, “For several years, we have been significantly increasing AFA’s income and adding leading global brands in their fields.
“This agreement reinforces that strategy and adds an innovative multinational with a vision important for the future, in a new world like cryptocurrencies and fan tokens, where together we can grow and generate new sources of income for AFA and Pro League clubs. We welcome Binance to the AFA family.”
Finance and Football
In January, Binance landed a sponsorship deal with Brazil’s soccer league, Paulistão Sicredi, to expand its reach in the Latin American country.
The exchange stated that the sponsorship enables it to launch exclusive products such as a platform for non-fungible tokens (NFTs) and live NFTs, among others.
Moreover, Binance currently sponsors Santos Futebol Clube, the Brazilian sports club based in Vila Belmiro in the city of Santos.
However, aside from cryptocurrency exchanges, forex and contract for difference (CFD) brokers are seeking to penetrate new markets through football.
For instance, Robomarkets, a forex and CFD broker, recently entered into a multi-year agreement with Eintracht Frankfurt, a German football club.
Estonia-based forex and CFDs broker brand, Admirals (formerly Admiral Markets), recently inked a deal with FCI Levadia Tallinn, a domestic football club in Estonia.
“Football has always had an important place in the history of Estonian sports,” the Chief Executive Officer of Admirals Group, Sergei Bogatenkov, said.
“As the representative of Admirals, we are very pleased that we can be the background force for the current champions of Estonia.”
