Spain’s Atletico Madrid team has announced its new contract with a crypto company.
Atletico Madrid sponsored by Crypto.com
Two months ago, the famous exchange Crypto.com concluded a deal with Fifa to become the official sponsor of the upcoming World Cup in Qatar. Also, many football teams decided to sign rich partnership contracts with companies in the crypto sector in the past season, starting with the Italian teams Juventus, Inter, Roma, Lazio, and Milan.
Madrid‘s second team announced in a statement that WhaleFin, a digital asset platform powered by the Amber Group, will become its new main sponsor for the next five seasons.
The company’s logo will stand out on the team’s jerseys for all upcoming seasons, replacing the historic logo of Plus500, a digital fintech.
According to first rumors, Atletico Madrid‘s main sponsor agreement with Amber Group is one of those massive ones that cannot really be refused.
The total amount would be worth a total of 210 million euros over five years (42 million euros/season), more than double the 17 million euros per year agreed upon with trading platform Plus500.
The deal was finalized in recent days after about two and a half months of negotiations with the Amber company.
Atlético de Madrid CEO Miguel Ángel Gil Marín stressed the importance of this agreement, pointing out how Atletico’s brand is still very much in demand.
“Today is a relevant day for the future of Atlético de Madrid, as we join forces with a global company that is a leader in the digital sector. This association aligns with our desire to evolve digitally, thereby being able to offer more and better services and experiences to our fans”.
Who is WhaleFin
WhaleFin was founded in 2017 by former senior executives from investment banks Goldman Sachs, Morgan Stanley, and Bloomberg News Agency and is based in Hong Kong, with 1,000 employees and more than 1,000 institutional clients.
Some rumors speak of Liverpool‘s negotiations with a crypto giant for a sponsorship that is expected to reach record figures.
In short, despite the fact that the cryptocurrency market seems to have entered a depression phase from which there is still no way out, companies in the sector seem intent on investing in the promotion of their brands and marketing.