Latin American cryptocurrency exchange Bitso has inked a three-year sponsorship deal with Brazilian soccer club São Paulo Futebol Clube (SPFC) as it works to expand its reach in the country.
Bitso said in a press release that the club will feature its logo on its jerseys, and that "both entities are already working together to enable purchases and tickets through cryptocurrencies." The deal will enable extra perks and experiences for fans of the football club, and "Bitso fans" will have access to a reserved part of the stadium. The sponsorship starts this month.
Yahoo Sports' Portuguese site reported on Dec. 15 that the three-year deal was worth $40.5 million Brazilian reais (about $7.1 million). When asked to confirm that amount, a Bitso spokesperson said the value came from an "unconfirmed leak" and that the exchange was not disclosing the amount of the sponsorship.
Bitso's CEO Daniel Vogel told The Block in December 2020 that it would use its $62 million in Series B funding to build its presence in Brazil. The exchange then completed a $250 million Series C round in May, making it a crypto unicorn.