Latin American Crypto Exchange Bitso Partners With Top Brazilian Football Club, Here’s Why

By Mayowa Adebajo
Published January 7, 2022 Updated January 8, 2022
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Bitso partners with Brazilian football club in a 3-year deal
Bitso partners with Brazilian football club in a 3-year deal

Latin American Crypto Exchange Bitso Partners With Top Brazilian Football Club, Here’s Why

By Mayowa Adebajo
Published January 7, 2022 Updated January 8, 2022

Top Latin American crypto exchange, Bitso has signed a 3-year partnership deal with Brazilian footbal club São Paulo Futebol Clube (SPFC).

Bitso Delves Into The World of Soccer

According to the announcement that was made on Friday, the partnership which is expected to begin almost immediately, will see Bitso’s logo appear on the official jerseys of São Paulo players. Also as part of the partnership deal, a part of the football club’s stadium will be specially named after the crypto exchange.

Clearly, many crypto companies have been making their way into the sporting world in recent times, especially in the U.S and Europe. However, the potential for Latin America remains largely unexplored and Bitso might just be the needed front-runner in the region.

With this partnership, Bitso and São Paulo hope that in a matter of 6 months, they can offer crypto payment option as an alternative for fans to pay for match tickets and merchandise. However, financial terms of the agreement are still undisclosed as at press time.

Aim of The Collaboration

When Coingape reached out to Beatriz Oliveira, Head of Marketing, she said:

“Bitso and SPFC have a long history of innovation journey and they are always looking for different options to offer new experiences for fans and users. Both entities share the same objective: to work tirelessly to achieve excellence. From now on, the companies will work together to improve the sports segment of the crypto industry and help make crypto useful in Brazil and for everyone”

The exchange currently operates in Brazil, Colombia, Mexico, and Argentina with about 3.7 million users. But with this collaboration with São Paulo Football Club, it will no doubt be looking to gain ground by becoming the biggest crypto exchange in Brazil in 2022.

At the moment, Mercado Bitcoin is Brazil’s largest crypto exchange with its Brazilian customer base alone, reaching 3.2 million last year.

So far, Bitso has shown it means serious business in Brazil. Firstly, the firm opened up more than 30 job positions in the country.

In May 2021, the exchange raised $250 million in a Series C funding round, bringing its valuation to a whopping $2.2 billion. That, made it the first crypto unicorn (having a value exceeding $1 billion) in the whole of Latin America.

The company also hired the services of Facebook veteran Vaughan Smith back in August 2021.

Obviously, all these moves are geared towards bolstering the company’s expansion plans in Brazil.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Mayowa Adebajo
148 Articles
Mayowa Adebajo is a fintech enthusiast with a decade-long experience writing news stories and creating content generally. When he's not writing, he's either talking politics or discussing sports.

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