A Web3 altcoin is surging this week amid news that it inked a sponsorship deal with the New England Patriots football team.
Through a multi-year partnership with Kraft Sports + Entertainment, the blockchain infrastructure solution company Chain (XCN) is now the “official blockchain and Web3 sponsor” of the Patriots, the New England Revolution soccer team, the Patriots’ homefield Gillette Stadium and Patriot Place – an open-air shopping center built around the stadium.
XCN, Chain’s native governance and utility asset, jumped from trading around $0.067 before the announcement to around $0.075 afterward, a nearly 12% increase. The 37th-ranked crypto asset by market cap is trading at $0.0778 at time of writing and is up over 4% in the past 24 hours and more than 25% from its weekly low of $0.619.
— New England Patriots (@Patriots) September 22, 2022
Says Murray Kohl, vice president of sales for Kraft Sports + Entertainment,
“Together with Chain, we’ll look to innovate that same way with their cutting-edge blockchain technology. Our fans will be able to connect with the Patriots and Revolution in ways never before possible.”
Chain offers cloud, ledger and non-fungible token (NFT) services. The company also recently partnered with Coinbase for the exchange’s launch of a “learn-to-earn” program that offers XCN rewards for crypto beginners who complete a series of quizzes and learning modules.
Despite the price increase this week, XCN remains more than 57% down from its all-time high of more than $0.18, which it hit in late May.
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