Latin American crypto exchange Bitso announced a 3-year partnership deal with São Paulo Futebol Clube (SPFC). The deal will allow crypto payments for match tickets also players of the club will wear Bitso’s emblem on their jerseys.
The relationship, which is set to begin practically immediately, will see Bitso’s emblem appear on the official jerseys of S. Paulo players, according to the announcement made on Friday.
According to the exchange’s Vice President of Marketing José Molina, a section of the football club’s stadium would be named after the crypto exchange as part of the cooperation agreement.
Many crypto firms have clearly made their way into the sporting world in recent years, particularly in the United States and Europe. However, Latin America’s potential is mostly untapped, and Bitso might be the region’s much-needed front-runner.
Benefits of the partnership
With this agreement, Bitso and So Paulo expect to be able to offer crypto payment options as an alternative for fans to pay for match tickets and goods in less than six months. However, as of press time, the financial parameters of the transaction were still unknown.
According to Molina, the exchange currently has 3.7 million customers in Brazil, Colombia, Mexico, and Argentina. However, with this partnership with the S. Paulo Football Club, it will undoubtedly be trying to gain traction by becoming Brazil’s largest crypto exchange by 2022.
Mercado Bitcoin is currently Brazil’s largest cryptocurrency exchange, with 3.2 million Brazilian customers last year. So far, Bitso has proven that it is serious about doing business in Brazil. For starters, the company has created more than 30 job openings across the country.
The exchange raised $250 million in a Series C fundraising round in May 2021, boosting its total worth to $2.2 billion. As a result, it became Latin America’s first crypto unicorn (with a value exceeding $1 billion). Vaughan Smith, a Facebook veteran, was also hired by the business in August 2021.
All of these actions are clearly aimed at strengthening the company’s expansion goals in Brazil.
