Terra Signs 5-Year, $40M Sponsorship Deal With MLB Team Washington Nationals
Published
Ending weeks of speculation, Terra finally revealed which sports franchise it struck a deal with.
By Matt BrienenNot long after Crypto.com bought the naming rights to the former Staples Center in Los Angeles, Terra has announced a sponsorship deal with Major League Baseball’s Washington Nationals using $40 million from Terra community members and investors.
Initial steps toward the agreement began last month when Do Kwon, co-founder of Terraform Labs, the company behind the Terra blockchain and DAO (and the subject of an ongoing SEC investigation), announced funds would be raised to partner with a yet-to-be-named professional sports franchise.
In keeping with Kwon’s initial proposal, Terra said the $40 million will fund a five-year deal with the Nationals to form the Terra Community Trust (TCT), which will execute the agreement and be responsible for future blockchain and cryptocurrency applications and branding.
The deal includes creating a digital series for the team’s social platforms, adding Terra signs and logos inside Nationals Park, and renaming Nationals Club, a premier seating area behind home plate, Terra Club.
"We are excited to partner with Terra to name our most exclusive club and explore bringing powerful new fan experiences to Nationals Park, including the use of UST cryptocurrency to make purchases,” Mark D. Lerner, managing principal owner of the Washington Nationals, wrote in a Medium post.
Additionally, TerraUSD (UST), the DAO’s algorithmic stablecoin launched in September 2020, will be accepted for purchases throughout the ballpark beginning next season.
Currently, TerraUSD is the 18th-largest cryptocurrency with a market capitalization of $11.26 billion, while Terra’s original coin Terra (LUNA) ranks ninth with a market capitalization of $22.96 billion, according to CoinMarketCap.com.