Binance disclosed in a November 5 blog post that it would become the Official Fan Token Partner for FC Porto, a professional football club based in Portugal.
This means that Binance would be the issuer of PORTO, the FC Porto Fan Token, purposely to improve the club’s brand and drive meaningful fan engagement through rewards, interaction, and gamification.
With this partnership, Binance name would appear on the back of the club’s jerseys for the incoming season (2021-2022), while it would appear on the jersey’s sleeves in the seasons that follow.
$PORTO is a utility token for FC Porto. It provides fans with revolutionary ways to interact with their favourite football club. It would become available on the Binance platform for users of the exchange for ten days, starting November 6 to November 16, when the public sale would end.
It would cost $1, and Binance users can purchase it on its launch pad. The amount they can buy, however, will be determined by their $BNB balance.
Available data from TradingView reveals that the news of this partnership has helped Binance push its native token, $BNB price up.
According to the data, $BNB was trading around $590 pre-partnership, and immediately the news broke; the price spiked to $614. However, it later cooled off to $604, but it is still up by 8.14 percent within the last 24-hour period. On year-to-date, it is 1498 percent higher, moving from $37 to $604.