Mercado Bitcoin, the largest Bitcoin exchange in Latin America, has signed a sponsorship deal with the Brazilian soccer club Sport Club Corinthians Paulista, one of the most popular soccer clubs in the country. The agreement, announced during the club’s 111th anniversary on September 1st, calls for Mercado to sponsor Bitcoin Corinthians for 16 months to have its logo embossed on the front of the club’s jersey – the most precious spot.
“Every step we take to transform Corinthians is supported by partners who understand the current digital platform scenario and the habits of our supporters,” said Duilio Monteiro Alves, President of Corinthians. “The partnership with Mercado Bitcoin, the largest cryptocurrency platform in Latin America, assures us that we are innovative and discovering new marketing and engagement opportunities. The future of the club lies in this innovation.”
Aside from having the Mercado Bitcoin logo on the most desirable spot on the Corinthians jersey, the partnership enables the club to provide financial and Bitcoin education to its supporters. The Bitcoin exchange, which currently has nearly 3 million customers in Brazil, will provide access to Bitcoin trading and educational services to the nearly 30 million Corinthians supporters across the country. The mutually beneficial agreement is also an important step in expanding the awareness and acceptance of Bitcoin in the country.
“It makes perfect sense for Mercado Bitcoin to work with Corinthians as we share the same vision of democratization, pioneering and innovation,” said Reinaldo Rabelo, CEO of Mercado Bitcoin. “We also believe that the crypto and soccer worlds together will enable new engagement models and the introduction of profitable business opportunities.”
Brazil has been more involved in Bitcoin trading than traditional securities in recent years. The Bitcoin market continues to develop in the South American country. While the US doesn’t have to approve a Bitcoin Exchange Traded Fund (ETF) yet, Brazil was home to the first Bitcoin ETF in Latin America in March and listed a climate-neutral offering last month.
In July, Mercado Bitcoin raised $ 200 million from SoftBank in the most significant Series B round in Latin American history. The parent company of the Bitcoin exchange, the 2TM Group, valued at $ 2.1 billion, is the eighth largest unicorn startup in the region. For comparison: There are a total of 3.9 million individual investors on the Brazilian stock exchange, while Mercado Bitcoin alone has a customer base of 2.9 million Brazilians.