- Binance is leading the race to become the main shirt sponsor for Inter Milan after the club considers dropping DigitalBits.
- Apart from Binance, other crypto exchanges have been aggressively moving into the sporting environment to leverage the massive fan base to their advantage.
With more digital asset trading platforms seeking new markets, the sports industry is seen as a goldmine to be explored due to its large fan base. Hence, it is no surprise that Binance is pushing to replace DigitalBits as Inter Milan FC’s new shirt sponsor. Inter Milan is looking to make new partnerships due to DigitalBits’ persistent payment failures. Binance has emerged as a leading candidate.
Why Inter Milan is planning to change to Binance as the shirt sponsor
Known by its Italian name, Internazionale Milano, the highly successful football giant is considering Binance out of the three platforms to replace DigitalBits as its new shirt sponsor. The club noted that its current sponsor has failed to meet up to its obligation of ensuring consistent payment as part of its initial agreement. Other candidates include the Chinese electronics maker Hisense and the digital betting platform, LeoVegas.
According to a report from the famous Italian sports outlet, Tuttosport, the world’s largest crypto exchange, is set to partner with the Italian football team to be the main face of the club’s sportswear. The plan to cut ties with DigitalBits has been on since last month when Inter Milan confirmed that it is considering dropping the blockchain entity over missed payment schedules.
Reports indicate that DigitalBits owes the football club close to €17 million as of last month. The collaboration placed DigitalBits as the club’s official shirt sponsor in agreement with its parent company, the DigitalBits Foundation. However, Hisense is expected to challenge Binance’s position as Inter Milan’s shirt sponsor, subject to providing favorable terms to the football club.
The electronic giant already has numerous partnerships within the football scene. Binance on the other hand has had a few issues related to the FTX scandal. If this does not play a major part in decision-making, Binance may just get the partnership done.
Read more: FTX CEO SBF going to jail, but wants to attack Binance CEO and others from crypto market
Partnering with Sporting Teams
The latest news is not Binance’s first adventure into the football ecosystem. Last year’s $35 million partnership with another Italian club, SS Lazio, made the exchange the club’s official shirt sponsor. The deal with the Lazio-based football team is expected to last two years, with an additional extension if all parties are satisfied.
In June 2022, Binance penned a multi-million-dollar partnership with one of the most prominent football players of the century, Cristiano Ronaldo. The new partnership has seen the crypto exchange create a range of non-fungible tokens (NFTs) using the image of the decorated Portuguese athlete. Similarly, in November, the crypto giant, through its parent company, Binance Labs, invested close to $4 million to expand the free-to-play fantasy gaming firm Ultimate Champions.
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The platform also unveiled the Football Fever 2022 project in the same month. The project aims to attract fans worldwide as they battle to get a share of the $1 million prize money. Apart from Binance, other crypto exchanges, like the now-collapsed FTX, Crypto.com, and Coinbase, have been aggressively moving into the sporting environment to leverage the massive fan base to their advantage.
As the race for expansion continues due to its vast fan base, crypto firms believe the football sector holds the key to market dominance. If the deal is successful, it will likely trigger an increase in BNB holders.