Barcelona announce new agreement delving into crypto market

Barcelona are moving into the cryptocurrency world with their latest sponsorship agreement, which was announced on Tuesday morning.

The Blaugrana had been negotiating a potential sponsor deal for a cryptocurrency firm to appear on the shirt sleeve of their kit after their agreement with Beko ended, but decided that it was not perhaps ready to platform cryptocurrency to that extent.

Now they have announced a three-year agreement with WhiteBIT, a Ukrainian crypto firm originating in 2018. The deal will see the two work together to promote both of their brands online, in eSports and at Camp Nou/Estadi Lluis Companys.

The official statement outlines the reliability of WhiteBIT extensively, explaining that the company is supposedly the safest cryptocurrency of all. The volatile nature of cryptocurrency has received criticism, especially following the downfall of FTX, which lost hundreds of millions of dollars of people’s money.

This is not Barcelona’s first dealing with blockchain business, as they already have an agreement with fan token company Chiliz. The agreement might provide Barcelona a little more room for manoeuvre financially, but they too will be exposed to that volatility. NBA team Miami Heat took on naming sponsorship for their stadium from FTX and are now being forced to seek a new deal.

Tags Barcelona Crypto WhiteBIT
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