Spanish football giant Barcelona says no to cryptocurrency sponsors

Spanish football giant Barcelona says no to Binance and other crypto stores in favor of Spotify.

Super Bowl LVI and cryptocurrency advertising campaigns

This month's NFL season finale, Super Bowl LVI, has become a hub for major cryptocurrency exchanges.

Crypto.com (CRO), Coinbase (COIN), Bitcoin system and FTX purchased advertising space during the live event.

112,3 million viewers watched the LA Rams beat the Cincinnati Bengals. More significantly, a reported 103,4 million viewers watched the half time show. The sizeable audience has been a boon to cryptocurrency exchanges. For Coinbase, there were said to have been 20 million visits to the Coinbase webpage just 1 minute after its 1 minute announcement. Advertising at the Super Bowl LVI cost $ 7 million per 30-second slot.

Advertising wasn't the only way for cryptocurrency exchanges to build brand awareness. Since last year, cryptocurrencies have actively sponsored major sporting events and teams.

Cryptocurrency platforms become sponsors of major teams

Crypto.com has been particularly active in the sports industry. In early December, Crypto.com announced a sponsorship deal with US professional women's soccer team Angel City FC. The exchange has also sponsored Conmebol of South America, the French football team PSG, the Italian Cup and Formula 1.

Binance (BNB) has also been active in the world of sports. In late January, news broke that Binance sponsored the Argentine national soccer team. For Binance, the move followed previous sponsorship deals with the Serie A club Lazio.

While exchanges benefit from brand awareness, clubs can support fan engagement.

As part of the sponsorship deal with Argentina's national football team, Binance will develop a new Fan Token. Binance has also been involved in involving fans in Lazio. In recognition of the sponsorship deal, Binance has issued tokens for Lazio fans.

With Binance looking to build brand awareness to attract new investors, Barcelona FC was another Binance aspiration. In early January, the media reported that Binance was one of the main competitors to become the main sponsor of Barcelona FC.

In 2021, Binance listed the Barcelona Fan Token (BAR).

According to Adrian Sanchez, Binance was in a 4-5 year deal worth 70 million euros. Other names included Spotify (SPOT) and Polkadot (DOT).

Barcelona FC say no to the cryptocurrency sponsorship deal

On Tuesday, Barcelona FC reported that they have turned down sponsorship deals with crypto-related entities. According to media reports, Barcelona FC cited lack of confidence in the crypto sector and lack of economic strength as reasons for rejecting crypto exchange offers.

The report added that the club is in the final stages of talks with Spotify in a deal worth € 70-75m per season.