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Cryptocurrency companies take multi-million dollar step into sports


Carli Lloyd, NJ/NY Gotham FC, dribbles to Orlando Pride defenders at the Red Bull Arena on August 29, 2021.

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Companies that use cryptocurrencies to promote their products and services are rapidly becoming the largest sponsors and advertisers in the sports industry. record 20-year, $700 million deal for the naming rights to the Los Angeles arena home to the Lakers, Kings and Sparks currently known as the Staples Center, to Coinbase signing a wide-ranging deal with the NBA, to Tom Brady, a self-described “big believerThe deals in cryptocurrency, including a stake at FTX, have been wide-ranging, and are coming quickly.

National Women’s Soccer League, the latest property in sports to embrace crypto has just signed a multiyear contract with Voyager Digital. It is being described as the biggest partnership the league has ever made with cryptocurrency platform Voyager Digital.

Helping crypto reach new audiences

Voyager has other sponsorship deals including those with the Mark Cuban owned Dallas Mavericks, Tampa Bay Buccaneer tight-end Rob Gronkowski, and NASCAR driver Landon Cassill. This deal with NWSL allows Voyager to reach an entirely new audience.

Steve Ehrlich, Voyager’s CEO, stated that the NWSL fan, player and community see it as an “opportunity to truly engage with them in a manner that no one has ever before.” Engaging with women’s sport is what I find most fascinating. This market is rich in education opportunities and offers the chance to help these women secure their financial futures through crypto.

Two-thirds of all men and women are now investing in crypto. according to CNBC and Acorn’s Invest in You: Next Gen Investor survey.

Voyager’s investment in the NWSL will be a substantial portion. Ehrlich stated that this deal will provide individual player crypto accounts. They can access the Voyager app to receive an equal amount of each player’s account. Ehrlich did not give any financial details. Voyager will offer financial education for players about crypto.

Marla Messing (NWSL interim CEO) stated in a statement that Voyager’s investment in the league was particularly innovating because they collectively designed it to provide direct financial resources for all of its players as well education on the radical changes in digital assets.

The rise of crypto in sport

As many seek to generate revenue from pandemic-driven losses and increase their revenues, crypto has been adopted by sports leagues quickly. This category of sponsorship is one that was rarely seen less than a decade ago. and $175 million agreement with EndeavorUFC ownership that sees its logo appear on the apparel worn by athletes during competitionThe following was a $100 million sponsorship deal it signed with Formula 1Owned by Liberty Media.

Major League Baseball entered into a multi-year contract with FTX in June. At the time, this was the first collaboration between a league of crypto currencies and a league. The deal also included a FTX.US logo on umpire uniforms. FTX also bought the naming rights of the Miami Heat arena’s arena as part of a 19 year deal that was valued at $135million.

A number of athletes and teams have signed deals, including the NBA’s Portland Trail Blazers and MLS’s Inter Miami CF and XBTO. Golden State Warriors guard Stephen Curry has FTX while Trevor Lawrence is a top NFL draft choice with Blockfolio.

With the Drone Racing League signaing a contract, crypto deals go beyond traditional stick-and ball sports. $100 million deal with crypto platform Algorand and esports team Fnatic partnering with

Ehrlich said, “Our research indicates that there is much crossover between an interest crypto and sports fans.” “I believe this is the reason why more companies have jumped into this space and are doing bigger deals.”

The chances of a sports fan being familiar with cryptocurrency are almost twice that of a non-sports fan. according to polling from Morning ConsultAccording to 24%, crypto was owned by sports enthusiasts.

Some sports properties are still cautious. Since the NFL is cautious when it comes to opening new categories of sponsorship, this season, its teams were prohibited from selling sponsorships to cryptocurrency trading companies. Grayscale is the crypto asset manager Grayscale. The New York Giants are the sole company to sign a deal with the Giants.

Two of the most important soccer clubs around the globe, FC Barcelona, and Manchester City were forced to cancel their sponsorships related to crypto after being questioned about the validity of those companies.

Kevin Kane (senior manager of client strategies at Navigate), stated that there’s some risk in sports properties signing agreements with these fast-moving companies, but the speed at which crypto grows means that this will likely be the start for significant crypto-related sponsorship deals.

“You look at the number of people in the world investing in crypto — last year it doubled to 100 million, now it’s estimated to be more than 220 million, and a lot of people expect it to double again next year,” Kane said. If the base client is expanding at this rapid rate, then there will be plenty of marketing and capital for brands who want to stay top of mind.