Korean cryptocurrency exchange Upbit has entered the world of sports sponsorship, after a partnership with Italian club Napoli. The Korean Stock Exchange logo is supposed to appear on the Italian club’s shirts in Serie A and Italian Cup matches.
Upbit exchange partners with the Napoli club
Earlier this week, Napoli Football Club took to Twitter to announce the sponsorship of the cryptocurrency exchange, Upbit. Despite the big news, the Upbit exchange has remained unusually quiet on its Twitter account. However, the deal was confirmed by Dunamu, the Korean financial technology company that operates Upbit.
Apart from the Upbit logo appearing on the shirts, it will also be displayed on the billboards around the Stadio Diego Armando Maradona in Italy. The Italian team plays in both Serie A and the Coppa Italia, which means double exposure for the Upbit brand.
Napoli, who are currently in first place in Serie A, is a popular and successful team in Italian football, which makes this partnership valuable to highlight the Upbit brand. The team remained undefeated at home throughout the 2022-2023 season, winning its last five matches.
Surprise sponsorship in the crypto bear market
This sponsorship is surprising in the current market, as many exchanges have stopped sponsoring events. For example, Tezos recently discontinued its partnership with Red Bull Racing.
If this partnership is successful for troubled Upbit, it could return Upbit to its former glory as one of the best cryptocurrency exchanges in the world.
Can Upbit keep this deal?
Upbit saw its net profit drop by 73% to $120 million in the third quarter of 2022. The massive drop was attributed to lower valuations in the cryptocurrency market and lower trading volume. The decline in global liquidity and the downturn in the capital market may also have an impact on the performance of the stock exchange.
This leaves the question of whether the Korean fintech company will be able to maintain this partnership with Napoli. Suffice it to say that Napoli will get the best result from this deal.