Brazilian LoL team loses cryptocurrency exchange sponsorship

According to the deadly MGG, who cited sources close to the site, the Rensga team would be having financial problems related to its main sponsor, the BitPrice. The website points out that these problems may be related to the period that the cryptomarket is going through, facing a low period that has lasted since the end of 2021 and that directly impacts Bitpreço’s revenue.

The site points out that, because of this, the organization will have to make a drastic change in the structure of the team that competes in the CBLOL. All players except the shooter NinjaKiwi will be shut down and players will be replaced by lesser-known players who are in lower divisions of the championships.

In an update sent by Rensga’s own management, the team is carrying out the restructuring, but without citing any influence on the end of the partnership with Bitpreço.

“The move is part of a restructuring by the company that manages the team that involves the arrival of new investors and the development of projects on fronts not yet explored by the group”.

BitPreço even commented on the case, publishing a clarification note stating that the sponsorship contract was finalized within the stipulated period and that the possibility of a renewal is under negotiation.

In addition, the exchange made it clear that it is not experiencing any financial problems linked to the fall of the cryptomarket and that this has nothing to do with the change in the team or the decision to change Rensga players.

BitPreço’s statement came precisely because of the growing speculation that the end of the contract is linked to the fall of the cryptomarket and which, consequently, cast doubt on the company’s financial situation.

Bitpreço clarified that this link between the facts is nothing more than something purely speculative.

That is, according to the broker, it is financially well, being still the largest Brazilian platform in terms of Bitcoin trading volume and even planning to expand its business.

However, it is worth keeping in mind that cryptocurrency giants, many larger than Bitpreço, are experiencing problems because of the constant decline in cryptocurrencies and the exposure of these companies in different assets.

About Abhishek Pratap

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