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Binance secured a partnership with Confederacao Brasileira de Futebol (CBF), the main football association in Brazil.
According to details from the agreement, the world’s leading cryptocurrency exchange will serve as the sole blockchain and digital asset partner for football competitions in the South American nation.
#Binance is now the exclusive crypto sponsor for Brasileirao, the elite @CBF_Futebol tournaments in Brazil.
The partnership will target the association of Binance’s brand to these tournaments, in addition to plans for Fan Tokens and NFTs, among other projects.
— BINANCE (@binance) May 9, 2022
The CBF will reportedly leverage its partnership with Binance to facilitate wider exposure to the digital economy and decentralized virtual assets within the football industry in Brazil. Lorenzo Perales, the CBF’s Commercial director highlighted that fans across the country already interact with digital tokens and NFTs.
Perales said the agreement with the crypto giant will help to further digitize football competitions in Brazil and power a new wave of fan engagement.
Indeed, the partnership positions the digital asset exchange as the primary crypto sponsor for Brasileirao Assai, the main men’s football division. The domestic women’s football leagues – Brasileirao Female Neoenergia, Brasileirao Female A-2, and Brasileirao Female A-3 will also benefit from the agreement as well.
Commenting on the strategic partnership, Binance CEO Changpeng Zhai said:
Sport is an important driver for inclusion in society. With football being strongly linked 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 in Brazil.
Furthermore, the announcement comes a few months after CZ’s company revealed plans to acquire a central bank regulated exchange identified as Simpaul Investimentos. Reports claimed that the move was geared towards expanding the firm’s services in South America and establishing a presence in Brazil.
Blockchain Firms Like Algorand, Binance, and CRYPTO.COM Venture Into Sports Partnerships
The multi-billion sports industry has supposedly become a prime location for blockchain-powered entities to tap mainstream markets. Binance was a major sponsor for the recently concluded African Cup of Nations tournament.
Blockchain developer Algorand and major virtual currency exchange Crypto.com also signed separate deals with FIFA for the upcoming World Cup competition in Qatar.
