Not long after Crypto.com bought the naming rights to the Staples Center arena in Los Angeles, this time Terra (LUNA) signed a sponsorship deal with the Washington Nationals, the American Major League Baseball team.
The $40 million to be used in the sponsorship deal will be paid for with contributions from Terra community members and investors.
The foundations for the sponsorship agreement were laid last month when Terraform Labs founder Do Kwon announced that they would raise funds for a partnership agreement with a professional sports club.
Terraform Labs is known for being the company behind the Terra Blockchain.
UST Can Be Paid Under Sponsorship Agreement Between Terra and Washington Nationals
Consistent with Kwon’s statements, Terra announced that a $40 million fund would be used as part of a five-year deal with baseball club Nationals.
The Terra Community Trust (TCT), which will be established with the funds, will fulfill the requirements of the agreement and will continue to operate on Blockchain and the future. cryptocurrency will be responsible for the implementation.
1/ After much anticipation, we’re excited to announce that the [REDACTED] American professional sports partner of the Terra Community Trust (TCT) is the Washington Nationals MLB franchise!
Read the official press release here 👇https://t.co/hbmfQXOhEC
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) February 9, 2022
As part of the agreement, Terra-related materials will be shared on the club’s social media platforms, Terra logos will be placed inside the pitch of the club, and the lobby section of the pitch, the Nationals Club, will be named Terra Club from now on.
It has been learned that the payments to be made with UST may start as of the next season.
Mark D. Lerner, owner of the Washington Nationals, said in his statement on the subject:
“We are excited about our partnership with Terra. With its new name, Terra Club will offer different experiences to our fans. Among them, for purchases TOP There are many innovations such as the use of cryptocurrencies.”