- Binance becomes sole crypto sponsor for four major football competitions in Brazil
- The partnership covers the country’s main football tournament – Brasileirão Assaí
- Three major women’s football competitions also fall under the deal
- Fan engagement and crypto exposure are included in the deal
- Binance recently announced its intention to acquire a regulated local exchange – Simpaul Investimentos
- The news signals another link between the sports industry and crypto-related businesses
Binance has entered into a partnership with the Confederação Brasileira de Futebol (CBF), the main football association in Brazil.
According to the details of the deal, the world’s leading cryptocurrency exchange will serve as the sole blockchain and digital asset partner for soccer competitions in the South American nation.
CBF would leverage its partnership with Binance to facilitate broader exposure to the digital economy and decentralized virtual assets within the soccer industry in Brazil. CBF Chief Commercial Officer Lorenzo Perales pointed out that fans across the country are already interacting with digital tokens and NFTs.
Perales said the deal with the crypto giant will help further digitize soccer competitions in Brazil and fuel a new wave of fan engagement.
In effect, the partnership positions the digital asset exchange as the main crypto sponsor of Brasileirão Assaí, the main men’s soccer division. The national women’s football leagues – Brasileirão Female Neoenergia, Brasileirão Female A-2 and Brasileirão Female A-3 will also benefit from the agreement.
Commenting on the strategic partnership, Binance CEO Changpeng Zhai said:
Sport is an important driver of inclusion in society. With football being strongly tied to Brazilian identity and culture, our partnership with CBF is important to help expand crypto adoption and generate a positive impact for our users, the crypto and blockchain community, and society as a whole. together in Brazil.
Furthermore, the announcement comes a few months after CZ’s company revealed its intention to acquire a central bank-regulated exchange identified as Simpaul Investimentos. Reports claimed that the move was aimed at expanding the company’s services in South America and establishing a presence in Brazil.
Blockchain companies like Algorand, Binance and Crypto.com are getting into sports partnerships
The multi-billion sports industry is believed to have become a prime location for blockchain-powered entities to tap into traditional markets. Binance was a major sponsor of the recently concluded Africa Cup of Nations tournament.
Blockchain developer Algorand and leading virtual currency exchange Crypto.com have also signed separate deals with FIFA for the upcoming World Cup in Qatar.