Two European Football Clubs have now terminated their sponsorship deals with Turkish crypto exchange Bitci, media house Bloomberg was the first to report Thursday.
Citing sources familiar with the matter, the report revealed that Portuguese soccer club Sporting Lisbon canceled the contract after the exchange failed to make its due sponsorship payments. Italian team Spezia is yet to disclose the reason behind its move.
Founded in 2018, Bitci is a Turkish-based crypto group with its own proof of Authority (PoA) blockchain and cryptocurrency, called ‘Bitcicoin.’ The cryptocurrency group currently offers a trading platform, a digital assets wallet, a fan token platform, and more.
The news came barely a few days after Formula 1 motor racing team McLaren canceled its commercial agreement with Bitci. The two parties had previously announced a multi-year partnership with each other, with Bitci announced as the official partner and fan token partner of McLaren.
Sports sponsorship deals have become a common way for cryptocurrency platforms to promote their platform and offerings. Cryptocurrency exchanges FTX and Crypto.com have both acquired naming rights to some of the popular US stadiums, such as the Miami Heat Arena and the Staples Center. Several crypto platforms, including Coinbase, FTX, Crypto.com, and eToro, all featured their advertisements at the Super Bowl NFL championship this year.