According to a source acquainted with the situation, Sporting Lisbon made the choice because Bitci had failed to fulfil its payments on schedule.
According to a storey published Thursday by Bloomberg, the Portuguese soccer club Sporting Lisbon and the Italian squad Spezia have terminated their sponsorship agreements with Turkish cryptocurrency startup Bitci.
According to Bloomberg, which cited a source familiar with the situation, Sporting Lisbon made the choice because Bitci had failed to make its payments on time.
There was no explanation given for Spezia’s decision.
The announcement comes just ten days after the McLaren Formula One team announced that it was ending its partnership with Bitci. It did not provide any explanation for its decision.
Bitci is a cryptocurrency exchange and mining facility that also offers fan tokens in cooperation with a number of prominent sports organisations. It is headquartered in New York City. Last year, the company introduced fan tokens for the national soccer teams of both Brazil and Spain, as well as a number of club teams, including Wolverhampton Wanderers of the English Premier League and Rangers of the Scottish Premiership.
The company announced intentions to grow outside its home country of Turkey with new exchanges in Brazil and Spain earlier this month.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.