Brazil’s main cryptocurrency broker becomes Corinthians’ sponsor

RIO DE JANEIRO, BRAZIL – Popular soccer club Corinthians announced a new sponsor on Wednesday September 1: cryptoasset broker Mercado Bitcoin, one of Brazil’s largest companies in the sector. The disclosure of the deal occurred during a live broadcast celebrating the club’s 111th anniversary on Wednesday.

The agreement foresees the brand being displayed on the front stripe of the São Paulo club’s jersey, and is in force for 16 months, expiring in December 2022. The amounts involved in the negotiation have not been disclosed.

“Every step we take towards the transformation of Corinthians is helped through partners who understand the time of digital platforms and the fan’s habits. Being alongside Mercado Bitcoin, the largest cryptoasset platform in Latin America, reassures us that we are innovating and opening up new marketing and engagement options. The club’s future lies in this innovation,” said Corinthians’ president Duilio Monteiro Alves.

Mercado Bitcoin is the largest Latin American exchange and earlier this year became the first unicorn of the cryptoasset sector in Brazil, when it received a US$200 million investment from Soft Bank, which valued the company at just under US$2 billion.

“The partnership with Corinthians makes perfect sense for Mercado Bitcoin, as we share the same views on democratization, pioneering and innovation. Furthermore, we believe that the crypto universe and the world of soccer together enable new models of engagement with fans and the generation of profitable businesses,” explained Mercado Bitcoin’s CEO Reinaldo Rabelo.

In addition to its new sponsor, Corinthians also has other initiatives related to the crypto market. On Thursday, September 2, the club is promoting the first sale of its crypto tokens on the Socios.com platform. The fan tokens’ initial cost is US$2, which must be paid with the platform’s native cryptocurrency, chiliz (CHZ), and will later be traded on specialized brokers worldwide.

In Brazil, Mercado Bitcoin has exclusivity for listing the tokens issued by Socios.com. There is still no set date for Corinthians tokens to reach the digital asset trading platform.