Binance on Track to Sign $80 Million Jersey Deal With FC Barcelona

World’s largest cryptocurrency exchange, Binance, is on track to become the main shirt sponsor of Spanish football club giant FC Barcelona (FCB), according to a recent tweet by Spanish journalist Adrian Sanchez.

Sanchez disclosed that the five-year deal, which is expected to kick-off from next season, will see Binance pay the Catalonia football outfit €70 million (appr. $79.6 million) on a yearly basis, to have its name displayed on the front of the club’s jersey.

The move is part of Binance’s marketing strategy as it continues to seek dominance as the world’s most popular cryptocurrency trading platform.

FCB’s Previous Crypto Affiliation

It is worth noting that the deal is not the first time FC Barcelona will be partnering with a crypto-related firm to become its official jersey sponsor.

The club’s current jersey sponsor Rakuten, whose deal with the Spanish football club giant is expected to expire by the end of the 2021/2022 season, also allows its users to trade cryptocurrencies via the Rakuten Wallet.

While Rakuten is poised to retain its position as the official jersey sponsor of FC Barcelona, the cash-strapped football club instead chose to consider the offer made by the world’s largest cryptocurrency exchange.

Binance Considered Favorite Over FTX

Recall that earlier last month, Binance and FTX were tipped as the two main contenders to become the FCB’s main shirt sponsor, Spanish media outlet Mundo Deportivo reported.

The report noted that whoever will secure the deal between the duo will be willing to offer above €55 million ($62.7 million) per year, the value that was previously agreed with Rakuten.

Interestingly, Binance was tipped as the main favorite between the two crypto exchanges because it already has previous affiliations with FCB’s past legends, including Andres Iniesta and Luis Suarez.

Iniesta and Suarez became social media influencers for Binance, as they took to their social accounts last year to publicize content related to the exchange.

Prior to now, the FC Barcelona fan token had already made its debut on the Binance exchange.

Binance is not a stranger in the world’s footballing scene as it has already partnered with Lazio and FC Porto to become the clubs’ jersey sponsor.