BtcTurk, a top cryptocurrency exchange in Turkey, has signed a sponsorship deal with Super League club Yeni Malatyaspor in a deal that may be worth as much as TRY7.5 million ($1.29 million).
The agreement - announced on Reddit - includes name sponsorship, meaning that the team will now play its games as BtcTurk Yeni Malatyaspor, and it is the first time a sports club has signed such an extensive deal with a cryptocurrency exchange.
Yeni Malatyaspor finished the 2018-19 football season placed fifth in the Super League - Turkish football's top-flight division. The team, from the large Eastern Anatolian city of Malatya, currently stands at number 12 out of 18 in the current football season.
Özgür Güneri, chief executive of BtcTurk, said:
We believe in the future of Turkish sports and football and aim to invest more in the forthcoming years. With this agreement, we have taken a significant step to increase awareness towards Bitcoin and contribute to the healthy growth of the cryptocurrency industry in Turkey.
Adil Gevrek, president of Yeni Malatyaspor, added:
We are proud of collaborating with BtcTurk, a company with such a vision. I am sure that this deal will bring significant momentum to our team and to Turkish Football this season.