The biggest bitcoin exchange in Latin America is the new sponsor of Corinthians, one of the most popular football clubs in Brazil.
Mercado Bitcoin, the biggest bitcoin exchange in Latin America, has secured a sponsorship deal with Brazilian football team Sport Club Corinthians Paulista, one of the most popular football clubs in the country. The agreement, announced during the club's 111th anniversary on September 1, details that Mercado Bitcoin will sponsor Corinthians through 16 months to have its logo stamped in the club jersey's front-facing side — the most valuable spot.
"Each step we take to transform Corinthians is facilitated by partners that understand the current digital platforms scenario and our supporters' habits," said Duilio Monteiro Alves, Corinthians president. "To partner with Mercado Bitcoin, the largest cryptocurrency platform in Latin America, assures us that we're innovating and discovering new marketing and engagement possibilities. The club's future lies in this innovation."
Beyond carrying Mercado Bitcoin's logo in Corinthians jersey's most desired spot, the partnership will allow the club to provide financial and Bitcoin education to its supporters. The bitcoin exchange, which currently has almost 3 million clients in Brazil, will enable Corinthians' nearly 30 million supporters around the country to access bitcoin trading and education services. The mutually beneficial agreement is also an important step to broaden Bitcoin awareness and adoption in the country.
"It makes total sense for Mercado Bitcoin to partner with Corinthians, because we share the same vision about democratization, pioneering, and innovation," said Reinaldo Rabelo, Mercado Bitcoin CEO. "Moreover, we believe that the crypto and football worlds enable, together, new engagement models and the inception of profitable business avenues."
Brazil has seen greater involvement in bitcoin trading than it has in traditional securities for the past few years. The bitcoin market continues to develop in the South American country. While the U.S. is yet to approve a bitcoin exchange-traded fund (ETF), Brazil was home to the first bitcoin ETF in Latin America in March and listed a carbon-neutral offering last month.
In July, Mercado Bitcoin raised $200 million from SoftBank in the most significant series B round in the history of Latin America. The bitcoin exchange's parent company, 2TM Group, valued at $2.1 billion, is the eighth biggest unicorn startup in the region. For comparison, there is a total of 3.9 million individual investors in Brazil's stock exchange, whereas Mercado Bitcoin alone amasses a client base of 2.9 million Brazilians.