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Highlights
- The recent agreement between Binance and Argentinian Football Association (AFA) has kicked off a new chapter in Argentina’s crypto story.
- Binance has replaced another crypto exchange, Socios
- The deal involves the introduction and development of a new fan token.
The recent five-year agreement between Binance and Argentinian Football Association (AFA) is a fine example of how the crypto world is solidifying its roots in the real world, especially in Argentina’s football arena.
Via this deal, Binance has replaced another crypto exchange, Socios, which has retaliated against AFA, claiming contract breach as per media reports.
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What does the deal between Binance and AFA propose?
Binance, the world's leading crypto exchange platform, has entered into a collaboration agreement with the AFA, one of the world’s top soccer federations in the world. Binance will be the major sponsor of all the Argentinian national soccer teams over the next five years as a result of this agreement.
Moreover, the partnership intends to strengthen the brand’s relationship with one of the world's most popular soccer teams, introducing cryptocurrencies to fans and users to more developed crypto technologies.
AFA’s president Claudio Tapia stated,.png)
Source: binance.com
In addition, the agreement also involves the introduction and development of a new fan token, which will be available soon. The AFA, on the other hand, had previously launched a fan token called $ARG in partnership with Socios.com, a fan token firm. Socios now argues the AFA broke its contract by bringing Binance on board as its principal worldwide sponsor, barely nine months after the deal was signed.
Director of Binance Latin America, Maximiliano Hinz, said: .png)
Source: binance.com
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Other crypto trysts of AFA
Argentina’s national team has previously partnered with another cryptocurrency platform, having signed a two-year agreement with Bybit in November of last year.
With over two million registered members, Bybit is one of the most rapidly developing cryptocurrency exchanges.
Under the terms of the agreement, Lionel Messi, the team’s captain, and his teammates will have the company’s logo on their training cloths until November 2023.
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Last thoughts
The Binance-AFA deal showcases Argentina’s outlook towards crypto. Given that Argentinians breathe football, Binance’s deal with AFA is expected to establish Binance’s foothold in Argentina.
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