The Argentine Football Association (AFA) has announced a partnership with crypto-exchange, Binance.
Under the terms of the 5-year agreement, Binance will become:
A naming sponsor of the Argentinian national football team
A naming sponsor of the Argentine Premier Football League
An official Fan Token provider of the Argentine Premier Football League
Argentina’s Football governing organization, AFA, also has a partnership with Chiliz’ platform, Socios.com, that launched a national team Fan Token and serves as the primary sponsor for the top soccer league for the 2021 season.
Additionally, towards the end of 2021, the AFA signed a naming rights agreement with Bybit, another cryptocurrency exchange, in a two-year partnership. The sporting body has previously described itself as one of the ‘fastest’ national associations to capitalise on the cryptocurrency.
Speaking about AFA’s objectives, Leandro Petersen, Commercial and Marketing Manager, AFA, said:
“This agreement with Binance is strategic because it meets all the objectives that we set for ourselves and leads us to work together with the world leader in this field.”
– Commercial and Marketing Manager, AFA
For Binance, Argentina serves as a key opportunity based on its embrace of cryptocurrencies.
According to Binance, the country is on the verge of massive blockchain adoption showing an openness to crypto use as reflected by its support for crypto payments in public transportation and ATMs.
Argentina’s economy has also suffered a recesssion and the local curency has lost half of its value as inflation hit 31.2%.