Latin American cryptocurrency exchange Name is the new sponsor of Sao Paulo Football Club, the Brazilian club with the most international titles. The sponsorship deal will still start this month and last for at least three years.
Through the sponsorship, Bitso will showcase its logo on the back of the players’ jerseys as well as on their shirt sleeves. On a more practical level, São Paulo’s official stadium, Estádio do Morumbi, will have a section of over 18,000 seats reserved for people to pay in cryptocurrency through Bitso.
The sponsorship is an effort from Bitso, which was founded in Mexico in 2014, to expand its reach within the sports segment.
Brazil has one of the largest fintech markets in the world. According to a report from the International Trade Administration, the country has the largest fintech sector in Latin America, the fifth largest in the world, and it is growing at a rapid rate. Chainalysis figures show Brazil is Latin America’s largest crypto market by transaction volume, which reached $91 billion from July 2020 – June 2021.
One reason is that Brazilian financial regulators have taken a relaxed approach to crypto. The industry has very little regulation besides mandating that people whose crypto holdings exceed 5000 reais (a little less than $900) report it on their tax returns. Another reason is that the perception of crypto in Brazil is not that it is only for the rich and wealthy who are fluent in blockchain. A report sponsored by Hootsuite noted that as of 2019, 5% of the population held some cryptocurrency, and according to Electroneum, 40% of Brazilian crypto holders make less than minimum wage.
Despite a high adoption rate, crypto is perceived as an investment asset in Brazil and most people who get involved purchase it with the expectation of selling it for a profit later. Bitso has three apps: one for consumers, one for professional crypto traders and a third for international business solutions.
“This partnership is Bitso’s first kick into the Brazilian sport segment, and it is in line with our growth objectives in Brazil while showcasing our work to demonstrate that the crypto market is trustworthy, simple, and secure,” said Bitso’s Head of Marketing Beatriz Oliveira.
Bitso has a DLT license from Gibraltar’s GFSC.
Meanwhile, cryptocurrency exchange FTX US is sponsoring the NBA’s Golden State Warriors, Bybit is sponsoring Argentina’s national football team, and Crypto.com is sponsoring football club PSG.