Big deal: The world’s leading crypto exchange, Binance, made history in Africa by being the official cryptocurrency and blockchain platform for a continental football tournament — the 2022 African Cup of Nations. It is the first time the company will sponsor a major football tournament, the first-of-its-kind partnership.
Sponsorship details: Per company statement, Binance is the official partner for the “Assist of the Day, Binance Assist of the Week, and Binance Assist of the Tournament segments, which the Confederation of African Football, the tournament’s organiser, will promote across its social media channels and across all six venues in five cities in the West African country.”
The play: Africans love football, and Binance’s alignment with the competition will attract significant interest from the audience and governments.
Regulators have viewed crypto as a tool for illicit activities leading to restrictive regulatory actions. Binance’s sponsorship of the tournament will further legitimise cryptocurrency on the continent. In addition, the company is betting on Africa’s youthful population’s crypto adoption to advance its market share.
By the numbers: In 2021, Binance reported an increase of 2228.21% in Peer-to-Peer users and 386.93% in volumes from Africa. In many countries, particularly Nigeria, restrictions are responsible for this trading option.
Global trend: More crypto exchanges are leveraging sport to drive mainstream adoption. Binance’s sponsorship of AFCON 2022 is from the same playbook as fellow Singaporean exchange, Crypto.com – which secured a $700m naming rights deal for the Staples Center, home of the Los Angeles Lakers.
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