Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Binance has announced a partnership with well-known football club FC Porto that will see the exchange issue fan tokens for the club.
Binance announced a multi-year partnership with Portuguese football club FC Porto, which sees the exchange become the Official Fan Token Partner for the club. Pursuant to the agreement, Binance’s brand will appear on the back of the team’s kits as a listed sponsor. This will kick into effect at the start of the 2021/22 season and last the entirety of the football campaign. Furthermore, in subsequent seasons, the renowned exchange’s brand will feature on the sleeves of the official kits.
By partnering with Binance, FC Porto’s fan token, dubbed PORTO, will be issued through the Binance Launchpad. According to reports, this is to enhance the football club’s brand and improve fan engagement experience for supporters. To underscore this, Binance is serving a slew of activities on the platform. Some of these include unique and engagement-based rewards, interactivity, and gamification to name a few. In an official statement, the exchange said:
“The official FC Porto Fan Token (PORTO) is a utility token providing fans with revolutionary new ways to engage with their favorite club. PORTO will be available for all Binance users via the Launchpad from today and later via Spot, bank card purchases and P2P”.
Binance released further details on the PORTO token sale, including information like ‘Token Name,’ ‘Launchpad Hard Cap,’ and ‘Total Token Supply.’
Binance’s Deal with FC Porto Reflects a Growing Trend
The Binance-FC Porto partnership is the latest in a growing trend of crypto-centric firms partnering with sports organizations. For instance, barely two days ago, the Ultimate Fighting Championship (UFC), a premier mixed martial arts organization, announced a partnership with Crypto.com. According to the deal, the crypto exchange will create an NFT collection that features UFC paraphernalia. The digital collectibles would include fight night paintings, event posters, championship belts, as well as fighter personas and avatars.
Crypto.com also partnered with globally-recognized motor racing championship promotion Formula 1 (F1). The value of the deal is reportedly in excess of $100 million and spans five years. In addition, Cryto.com’s brand presence will feature in F1 events. Crypto.com will also receive trackside slots at F1 races for the remainder of the season. In return, the exchange will work with the F1 brand on NFT. At the time, Crypto.com CEO Kris Marszalek expressed utmost enthusiasm at the initiative.
Another notable example of a crypt-professional sports partnership is the one between the Miami Heat NBA team and crypto exchange FTX. The professional basketball team agreed to rename its home basketball arena to the ‘FTX Arena.’ In return, the crypto derivatives exchange forked out $135 million for the privilege, which will reportedly span 19 years.
Even sports individuals are not left out of this recent mania. Seven-time Super Bowl champion Tom Brady and his supermodel wife Gisele Bündchen also partnered with FTX to feature in a selection of commercials.