By: Terry Caples2021-03-02
eToro and Chinese racing team and Formula E champions DS Techeetah have made an announcement that they have signed a 1 million GBP (1.3 million USD) sponsorship deal for a period of 1 year.
Part of the partnership includes having the eToro brand on the electric vehicles that they are using for the current 2021 season.
Antonio Felix Da Costa and Jean-Eric Vergne are among DS Techeetah’s drivers and after two rounds of the 2021 Formula E season, they landed on the 5th and 17th spots.
But this is not just an ordinary sponsorship deal with leading sports clubs and teams. What makes this advertising package different is that rather than paying the team with a fee, it will be credited on an eToro account under their name, which they can use for investing on stocks.
This unique partnership is considered to be the first of its kind and can be a catalyst for commercial partnership agreements with leading sports clubs in the future.
In 2018, eToro has signed a partnership with 7 Premier League clubs for their digital-currency exchange arm wherein the teams have been paid with Bitcoin (BTC) instead of fiat money.
Tottenham Hotspur, Crystal Palace, Brighton & Hove Albion, Newcastle United, Cardiff City, Leicester City Football Club and Southampton are among the clubs included in this deal.
The team can start using the hefty amount to invest on the social investment platform and if they are able to grow the value of their portfolio, they will be able to increase their profits. On the other hand, if their portfolio’s size decreases, eToro will absorb the costs.
The electric racing team is hoping to capitalize on this deal by placing a portion of the amount on the social platform’s top performing traders via the CopyTrader feature.
They are also looking at portfolios that are primarily focused on driverless vehicles and renewable energy and planning to invest on them as well.
Keith Smout, the chief commercial officer of the team commented:
We have seen the benefits of investing in the financial markets and we’re excited about this partnership, as we aim to help demystify investing to our fans throughout the season.
Dylan Holman, eToro’s global sponsorship manager, also added that this unique partnership hopes to “raise awareness to more people around the world of the potential to grow their wealth through investing” and that they are looking forward to emulate this kind of deal in the future with other potential companies.
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