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.
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.
โWe 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 Terraโs original coin Terra (LUNA) ranks ninth with a market capitalization of $22.96 billion, according to CoinMarketCap.com.