Binance signed an agreement with the Argentine Football Association (AFA). But not everyone is happy: Socios.com, another crypto partner, has filed a lawsuit against AFA for alleged breach of contract.
The Argentine soccer team has just obtained an important partner within the crypto space: Binance.
The largest cryptocurrency exchange in the world by trading volume, Binance, has signed a millionaire agreement with the Argentine Football Association (AFA). The sponsorship agreement will last for five years and covers La Selección, the AFA’s professional soccer team, as well as La Liga, the AFA’s top-flight Argentine soccer tournament.
The Argentine Football Association presents Binance as the new Global Main Sponsor and Official Fan Token.
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— Argentina National Team ??????? (@Argentina) January 24, 2022
As part of the agreement, Binance will sponsor one of the great powers of international football during the next World Cup. The sponsorship will see for the first time the logo of the exchange on the shirts of the Argentine players and will also include the launch of exclusive digital products of the team.
Although the amount of the agreement was not revealed, it is estimated, as pointed out Diario AS, which is one of the highest agreements of a sponsor for the Argentine National Team, not counting Adidas, which provides the club’s clothing.
Binance is the new sponsor of the AFA
According to a statement, the alliance will include the development of a Fan Token for the AFA, an official team digital currency that allows fans to have experiences close to their favorite players. “The fan token is going to bring many new features so that the public can have a much closer contact with the National Team“, He said Maximilian Hinz, Director of Binance Latinoamérica.
Binance He also highlighted in the statement that the agreement represents a milestone because it is the first sponsorship contract with a national soccer team carried out by the company. About, Hinz commented:
Football and cryptocurrencies are life in Argentina, so it makes sense for Binance to partner with the Argentine Football Association. Through this agreement, we hope to support Argentine soccer at all levels and introduce Binance, the crypto world and the Blockchain to soccer fans across the country and the world.
“In recent years we have added many important commercial agreements, significantly increasing AFA’s income, in addition to venturing into new digital businesses with ample growth potential“, added Claudio Tapia, president of AFA as a result of the alliance, which he considers will generate “excellent results for both parties“.
The deal is no small thing. The Argentine National Team has already qualified to participate in the Qatar 2022 competition, and with Lionel Messi as its capital, the team is presented as one of the main candidates to compete for the world cup.
Socios.com is not happy with the agreement
However, the AFA’s most recent partnership with the cryptocurrency company has not been to everyone’s liking. Socios.com, a company specialized in the creation of Fan Tokens that had previously associated with AFA, has announced this Tuesday that it plans to take legal action against its Argentine partner for alleged breach of contract.
In May 2021, AFA and Socios.com they signed an alliance which made the Argentine national team the first national soccer club to launch its digital asset for fans, called ARG. Then, a few months later, they both took another step in that partnership when they signed a contract to rename the Argentine First Division tournament to “Socios.com Tournament“.
The company of tokens based in Malta expressed in a statement its “utter outrage” for the recent agreement signed between Binance and AFA. Socios.com He said that the new agreement intends to grant another company the rights that legally correspond to them since their contract with AFA is for three years and, therefore, is in full force.
“AFA has publicly announced an agreement with another provider to launch a Fan Token, as well as to name the Liga Profesional de Fútbol, just nine months after signing a three-year agreement with Socios.com that is in full force.“, wrote Socios.com in the statement, adding:
We will do everything in our power to prevent this and to protect the rights of fans who purchased $ARG Fan Tokens. We are facing a flagrant breach of contract and we will take all the necessary legal measures to guarantee that AFA fulfills the commitments acquired with Socios.com.
Sources: Binance Blog, Bloomberg Line, MARK, archive
Article by Hannah Estefanía Pérez / DailyBitcoin
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