The International Basketball Federation (FIBA) signed a sponsorship deal with Turkish cryptocurrency platform Bitci that includes launching blockchain-based products for basketball fans around the world. The partnership, which began at the end of August of this year, will last until at least 2023.
Bitci operates a cryptocurrency exchange, but one of its major specialties is sports fan tokens. These team cryptocurrencies differ from non-fungible tokens, which are collectibles. Bitci is one of the few names in the industry that competes with Socios for fan tokens. It has some leading sports organizations on its roster, including current Portuguese football league champions Sporting, Premier League team Wolverhampton, the Brazilian Football Federation, McLaren Racing in F1, and MotoGP.
FIBA consists of 212 National Basketball Federations around the world and is recognized by the International Olympic Committee as the world governing body for basketball. The organization is the basketball equivalent of FIFA. For Bitici, signing a deal with FIBA is a major achievement. It will give the platform global exposure and enhance its credibility as a serious player in the market for fan tokens.
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