Cryptocurrency exchange Binance has signed a partnership agreement with the Argentine Soccer Association (AFA), one of the largest football associations in the world, to be its main sponsor. With this deal, Binance will become the main sponsor of all Argentina national football teams for the next five years and will issue a new fan token. AFA has previously issued such assets in partnership with Socios, another fan token platform.
Binance Inc. Sponsorship Deal With Argentine Soccer Association
Binance, one of the leading cryptocurrency exchanges by trading volume, has signed a sponsorship deal with the Argentine Soccer Association (AFA), making the company the main sponsor of all Argentine football teams globally. As per the information shared, this is the first deal that the exchange has tied up with a national team around the world and will last for five years.
The deal seeks to promote the brand with one of the most successful football teams, bringing crypto to users and fans who may not otherwise be familiar with these technologies. Maximiliano Hinz, director of Binance LATAM, said:
Through this agreement, we hope to support Argentine football at all levels and introduce Binance, the crypto world and blockchain to football fans in the country and around the world.
Upcoming Fan Tokens and Legal Actions
The signed partnership also includes the development and launch of a new fan token to be issued in the near future. However, the Argentine Football Association has already issued a fan token of its own in partnership with Socios.com, a fan token company. This confused fans of the national team and resulted in a flood of purchases of previously issued tokens.
The new token issuance was criticized by the social platform, which issued a press release announcing its stance on the new deal that the AFA has signed with Binance. According to sports media, the Socios declined the new deal, which came just nine months after they signed another deal with them, which will last for three years. Socios.com declared:
We will do everything in our power to prevent this and protect the rights of fans who buy $ARG Fan Tokens. We are facing a major breach of contract and we will take all necessary legal measures to guarantee that AFA will meet the commitments we have made with Socios.com.
The first token was launched on 15th June last year, at which time over 400k token sales took place.
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