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Cryptocurrency exchange Binance has signed a partnership agreement with the Argentine Football Association (AFA), one of the largest football federations in the world, as its main sponsor. With this deal, Binance will become the main sponsor of all Argentine national football teams for the next five years and will issue new fan tokens. The AFA has previously partnered with another fan token platform, Socios, to issue such assets.
Binance Signs Sponsorship Agreement with Argentina Football Association
Binance is one of the leading cryptocurrency exchanges by trading volume, with sign Sponsorship agreement with the Argentine Football Association (AFA) makes the company the main sponsor of all Argentine football teams worldwide. According to the information shared, the deal is the first signed by the exchange with a global national team and will last for five years.
The deal aims to promote the brand with one of the most successful football teams, bringing cryptocurrency to users and fans who may not be familiar with these technologies. Maximiliano Hinz, Director of Binance Latam said:
With this agreement, we hope to support Argentine football at every level and introduce Binance, the world of cryptocurrency and blockchain to football fans across the country and around the world.
Fan Tokens received and legal action
The signed partnership also includes the development and launch of a new fan token that will be released in the near future.However, the Argentine Football Federation already Partnered with fan token company Socios.com to issue its own fan token. This confused fans of the national team and led to a massive purchase of previously issued tokens.
The launch of the new token was criticized by the Socios platform, which issued a press release announcing its stance on the new agreement signed by the AFA with Binance. The Socios have rejected the new deal, which comes just nine months after they signed another three-year deal with them, according to sports media.Social networking site Announce:
We will do everything in our power to prevent this and protect the rights of fans who purchase $ARG Fan Tokens. We are facing a serious breach of contract and we will take all necessary legal steps to keep the AFA’s promises through Socios.com.
The first token was launched on June 15 last year, when more than 400,000 tokens were sold.
What do you think of the deal between AFA and Binance? Let us know in the comments section below.
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