Inter Miami signs jersey sponsorship deal with global cryptocurrency firm XBTO
The good news keeps coming for Inter Miami.
A day after the team earned a wild 1-0 win on the road at Toronto FC to leap into playoff position, the club announced the signing of its first jersey sponsor on Wednesday night.
XBTO, a global cryptofinance firm that recently opened a Miami office, signed a multiyear partnership deal to sponsor the club’s primary and secondary jerseys. Inter Miami was one of only two of the 27 MLS clubs that did not have a jersey sponsor.
The XBTO logo will also be prominently featured at DRV PNK Stadium.
The jersey partnership, among the biggest deals in MLS to date, marks the first cryptofinance partnership deal in the league. It also is another step toward the mainstream acceptance of crypto, which has been getting more involved in sports sponsorships.
FTX, a crypto exchange company, recently signed a $135 million naming rights deal for the Miami Heat arena formerly known as AmericanAirlines Arena.
“We are pleased to welcome XBTO to our Inter Miami family and to be able to share another milestone with our fans,” said Inter Miami CEO and managing owner Jorge Mas. “XBTO will be fully integrated across Inter Miami’s platforms beyond the jersey. Together we will raise awareness and build credibility, and further accelerate the social benefits of cryptocurrency through strategic initiatives as XBTO continues to redefine the next era of finance.”
Inter Miami players will debut the XBTO logo shirts Friday for the team’s home match against the New York Red Bulls at 7 p.m.
It is a critical game in Miami’s push for a playoff spot. With Tuesday’s win over Toronto, Inter Miami, one of the hottest teams in MLS the past six weeks, moved up from ninth place to fifth in the Eastern Conference with 32 points and 11 games left to play. The top seven make the playoffs.
They won the game on a stoppage-time penalty kick by defender Christian Makoun. Miami was playing without leading scorer Gonzalo Higuain, who stayed home to rest during a busy three-game week. He is expected to return to the starting lineup against the Red Bulls.
XBTO founder and CEO Philippe Bekhazi explained why his company partnered with Inter Miami.
“As institutional adoption of cryptofinance continues to grow, XBTO is dedicated to establishing greater trust, transparency and stability within the industry,” Bekhazi said. “Our partnership with Inter Miami brings us one step closer in our mission to advance cryptofinance beyond the digital asset industry.”
XBTO is a full-service firm providing cryptofinance trading and liquidity pricing services to the world’s most established exchanges. An early-adopter of cryptofinance and a known pioneer within the industry, XBTO was the first to provide institutional-grade liquidity to major trading platforms.
XBTO currently has offices in Miami, Paris and New York and relocated its headquarters to Miami in April 2021 with the goal of creating synergies with a city eager for growth and adoption of cryptofinance.
Inter Miami’s ownership group already had ties to crypto exchange. Marcelo Claure, a part-owner who was reportedly planning to sell his stake in the club, is CEO of SoftBank Group, which through its $5 billion Latin America Fund in July invested $200 million in Brazil-based MercadoBitcoin, Latin America’s largest crypto exchange platform.
This story was originally published September 15, 2021 at 7:35 PM.