According to a crypto news update, cryptocurrency companies are eagerly looking for a way to reach out to new audiences. Recently, they are pushing more into the mainstream by becoming big sponsors and advertisers in the sports industry.
Cryptocurrency and Sports in the News
In a past crypto news update, Crypto.com purchased the naming rights to the Staples Center, home of the Lakers, Clippers, and NHL’s Kings, in a deal for $700 million. While the exact terms of the agreement were not made public at the time, a person close to the deal stated that it is a 20-year contract.
A crypto news update in October revealed that Coinbase would become new sponsors for the NBA. The cryptocurrency company will get NBA G League, USA Basketball, and WNBA branding.
Most recently, the Nationals Women’s Soccer League is getting on board with crypto. It was announced that a deal for partnership has been signed with cryptocurrency platform Voyager Digital.
Less than a year ago, the sponsorship category hardly existed. Looking to increase revenue losses that stemmed from the recent pandemic, sport leagues are welcoming crypto with open arms. Crypto companies are signing deals in the sports industry with everyone from Major League Baseball to the Drone Racing League.
Voyager CEO Steve Ehrlich said, “Our research shows that there is a lot of crossover between an interest in crypto and sports fans.” He continued, “I think that’s why more and more companies are jumping into this arena and doing some of these bigger deals.”
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