Thursday, January 20, 2022
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By Mayowa Adebajo
Published 2 seconds ago Updated 2 seconds ago

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, says the exchange’s Vice President of Marketing José Molina.

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

According to Molina, 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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