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Terra LUNA signs 5-year, $40M sponsorship deal with baseball team Washington Nationals


February 11, 2022 · By Muhammad Awwal
Terra (LUNA)

The decentralized autonomous organization (DAO) underpinning the Terra ecosystem has struck a sponsorship deal with the Washington Nationals, a professional baseball team in the US.

The deal with a then-unnamed professional baseball team was first floated to Terra token-voters earlier this month, and the $40 million pitch (denominated in the stablecoin UST) from Terra Labs co-founder and CEO Do Kwon overwhelmingly passed on February 8. CoinDesk first floated the baseball team’s identity in a report Tuesday.

1/ After much anticipation, weโ€™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 ๐Ÿ‘‡https://t.co/hbmfQXOhEC

— Terra ๐ŸŒ Powered by LUNA ๐ŸŒ• (@terra_money) February 9, 2022

The five-year deal will be funded using $40 million from Terra community members and investors to form the Terra Community Trust (TCT), which will execute the agreement and be responsible for future blockchain and cryptocurrency applications and branding.

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 for the partnership.

Terra is one of the largest DAOs in the cryptocurrency industry.

Terra has experienced a meteoric rise as a market leader.

๐“๐ž๐ซ๐ซ๐š ๐ข๐ฌ ๐š ๐ ๐ซ๐จ๐ฎ๐ง๐๐›๐ซ๐ž๐š๐ค๐ข๐ง๐  ๐ฉ๐š๐ซ๐ญ๐ง๐ž๐ซ ๐จ๐Ÿ ๐ญ๐ก๐ž ๐–๐š๐ฌ๐ก๐ข๐ง๐ ๐ญ๐จ๐ง ๐๐š๐ญ๐ข๐จ๐ง๐š๐ฅ๐ฌ.

๐Ÿ”— // https://t.co/ESel7phptn pic.twitter.com/MzQ3UxzMpc

— Washington Nationals (@Nationals) February 9, 2022

โ€œWe 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 Lerner, the team’s principal owner, said in a statement.ย 

Part of the deal includes the potential use of UST at the team’s home stadium, with the press release stating: “As part of the agreement, UST could be accepted as a payment method at Nationals Park as early as next season.”

Currently, TerraUSD (UST) is the 18th-largest cryptocurrency with a market capitalization of $11.26 billion, while Terraโ€™s original coin Terra (LUNA) ranks ninth with a market capitalization of $22.96 billion, according to CoinMarketCap.com.

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