On Friday (November 5), crypto exchange Binance announced a multi-year partnership with FC Porto, which is one of Europe’s top professional football clubs.
“Futebol Clube do Porto”, more commonly known as FC Porto, is a professional football club based in Porto, Portugal. The club, which was founded in 1893, plays in Portugal’s top league, which is called “Primeira Liga”. It is one of Portugal’s “Big Three” clubs (along with Lisbon-based clubs “Benfica” and “Sporting CP”). FC Porto has won more trophies in international competitions than any other Portuguese club.
In an article published on its web site a short time ago, Binance said that it would become the Official Fan Token Partner for FC Porto, which means that “the FC Porto Fan Token (PORTO) will be issued via the Binance Launchpad to take the club’s brand to the next level, and to create a more meaningful fan engagement experience for the club’s supporters, through unique and engagement-based rewards, interactivity, gamification and more.”
Also, as a result of this partnership, the Binance name will appear on the back of the shirts of the FC Porto players for the 2021-2022 season and on the sleeves of their shirts in “the following seasons.”
The FC Porto Fan Token ($PORTO) is “a utility token providing fans with revolutionary new ways to engage with their favorite club” and it will be available to Binance users via Binance Launchpad “from today and later via Spot, bank card purchases and P2P.”
$PORTO, which will be powered by Binance Smart Chain (BSC), will cost $1 if bought from Launchpad. The public sale on Binance Launchpad starts on November 16. How much $PORTO Binance users will be able to buy via Launchpad will depend on their $BNB balances during the 10-day period November 6 to November 16.
According to data by TradingView, a few minutes before the news about this sponsorship deal came out, which was around 10:00 UTC, $BNB was trading around $590.50. By 10:00 UTC, it had reached $614.40, which is so far today’s intraday high.
Currently (as of 11:15 UTC), $BNB is trading around $604.10, up 8.14% in the past 24-hour period. As for the year-to-date (YTD) period, $BNB has gone from around $37.80 to $604.10, which is a return-on-investment of roughly 1498%.
And if you are wondering why $BNB is performing why $BNB is performing so well, Binance Co-Founder and CEO Changpeng Zhao (aka “CZ”) has the answer: it’s all about usage.
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
