Spotify Has Been Chosen By FC Barcelona Over Cryptocurrency Sponsors

• According to Sport, the actual sum involved in the Spotify arrangement is still unknown and will most likely be determined by player performance. According to other estimates, Spotify will pay roughly €280 million ($320 million) for the sponsorship over three years. FC Barcelona was previously sponsored by Rakuten, a Japanese e-commerce site that also offers a digital wallet with crypto capabilities. The sponsorship came to an end in 2021.

•  Spanish publication Sport claimed that the football club and its president, Joan Laporta, had turned down a number of sponsorship offers from cryptocurrency exchanges and businesses.

• The club rejected the sponsorship ideas due to a lack of confidence in the sector and the lack of economic soundness of the [sponsorship] propositions, according to the publication. Polkadot and Binance were both rumoured to be bidding in January, though Sport did not specify which businesses were rejected. Polkadot was supposed to pay $110 million over five years, but it’s unclear how much Binance would have paid.

FC Barcelona, popularly known as Barça, a Spanish football team, has reportedly turned down sponsorship offers from a number of cryptocurrency companies.

Barcelona Has Turned Down A Sponsorship Deal In The Cryptocurrency Space

On Feb. 22, the Spanish publication Sport claimed that the football club and its president, Joan Laporta, had turned down a number of sponsorship offers from cryptocurrency exchanges and businesses. The club rejected the sponsorship ideas due to a lack of confidence in the sector and the lack of economic soundness of the [sponsorship] propositions, according to the publication. Polkadot and Binance were both rumoured to be bidding in January, though Sport did not specify which businesses were rejected. Polkadot was supposed to pay $110 million over five years, but it’s unclear how much Binance would have paid.

It should be mentioned that according to certain rumours, Barcelona aims to negotiate numerous sponsorships, therefore Polkadot and Binance are unlikely to be among the cryptocurrency sponsors rejected by the football club. Barcelona is already finalising a sponsorship agreement with Spotify, a music streaming service. Spotify will have name rights to the stadium as well as a presence on several team uniforms, including the first team, women’s squad, and training team.

ALSO READ: FC Barcelona Cancels Marketing Agreement With NFT Marketplace Ownix

Spotify Will Pay Roughly €280 Million ($320 Million) For The Sponsorship Over Three Years

According to Sport, the actual sum involved in the Spotify arrangement is still unknown and will most likely be determined by player performance. According to other estimates, Spotify will pay roughly €280 million ($320 million) for the sponsorship over three years. FC Barcelona was previously sponsored by Rakuten, a Japanese e-commerce site that also offers a digital wallet with crypto capabilities. The sponsorship came to an end in 2021.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.