Latin American Crypto Exchange Bitso to Sponsor São Paulo Football Club

The three-year partnership with the team will enable fans to purchase tickets and merchandise with cryptocurrencies.

AccessTimeIconJan 7, 2022 at 1:00 p.m. UTC
Updated Jan 7, 2022 at 3:56 p.m. UTC

Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

Latin American crypto exchange Bitso entered into a three-year sponsorship agreement with the Brazilian soccer team São Paulo Futebol Clube (SPFC), the company announced on Friday.

Under terms of the sponsorship, which will begin this month, Bitso’s logo will appear on São Paulo’s official jersey, and part of the Brazilian club’s Morumbi stadium will be earmarked for a special area named after the crypto exchange, Bitso’s Vice President of Marketing José Molina told CoinDesk.

While crypto companies sponsoring sports teams has become fairly commonplace in Europe and the U.S., Latin America is still largely untapped for marketing tie-ups.

Bitso and São Paulo plan to enable payment by cryptocurrency for tickets and merchandise in six months, said Molina, who did not disclose the financial terms of the agreement.

The company operates in Argentina, Brazil, Colombia and Mexico and has a total of 3.7 million users, Molina said, adding that Bitso aims to become the biggest crypto exchange in Brazil this year.

Mercado Bitcoin, Brazil’s largest crypto exchange, reached 3.2 million customers in that country last year, Mercado Bitcoin told CoinDesk in a written statement.

Bitso has more than 30 job openings in Brazil with the aim of “growing rapidly,” Molina said. Bitso hired Facebook veteran Vaughan Smith in August 2021 to boost the company’s expansion in Brazil.

In May 2021, Bitso raised $250 million in a Series C funding round at a $2.2 billion valuation, making it the first crypto unicorn (having a value exceeding $1 billion) in Latin America.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

CoinDesk - Unknown

Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

Trending

1
CoinDesk - Unknown
NFT Platforms Should Be Caught by EU Money-Laundering Overhaul, Lawmakers Say

Unhosted wallets and decentralized finance were left largely unscathed by two landmark crypto laws agreed to last week, but left-wing lawmakers may seek another go as they discuss dirty-money rules.

CoinDesk - Unknown
2
CoinDesk - Unknown
Bitcoin se recupera y supera los $19K; Nomura advierte de una recesión en EE. UU. y Reino Unido

Nomura escribió acerca de una recesión en la eurozona, el Reino Unido y Asia Pacífico, lo que podría influir en los precios de las criptomonedas.

CoinDesk - Unknown
3
CoinDesk - Unknown
Argentinos se refugian en stablecoins durante el fin de semana tras dimisión del ministro de Economía

Los principales exchanges del país informaron que los usuarios compraron hasta tres veces más criptomonedas estables que durante un fin de semana normal, en medio una crisis económica en ciernes.

CoinDesk - Unknown
4
CoinDesk - Unknown
Polkadot Builder Parity Technologies Adds 3 Execs to Leadership Team

The new executives joining Parity are Eran Barak (COO), Peter Ruchatz (CMO) and Fahmi Syed (CFO)

CoinDesk - Unknown