In an effort to cast a wider net and capture more audience exposure, cryptocurrency firms are turning to professional sports sponsorship with big moves happening in Los Angeles.
First off, the Staples Center, home to storied franchises like the Los Angeles Lakers and Los Angeles Kings, will bear a new name: the Crypto.com Arena. According to details provided by the Wall Street Journal, that name could be around for quite some time.
“The arena’s owner, AEG Worldwide, said it struck a 20-year naming-rights agreement with Crypto.com,” the WSJ article reports. “The digital-currencies company agreed to pay $700 million over the life of the agreement, according to people familiar with the deal. The name change would take effect Dec. 25.”
Founded in 2016, Crypto.com boasts over 2,600 employees gained in just a span of five years, highlighting the exponential growth of the digital currency industry in a short time frame. The company offers cryptocurrency trading via its app that has millions of users and over 150 cryptocurrencies available for trading.
The company looks to be positioning itself as a one-stop shop for all things crypto. In addition to trading activities, Crypto.com offers non-fungible tokens (NFTs) as well as VISA cards that offer rewards based on a tier system.
Crypto.com’s latest foray into professional sports sponsorship underscores a growing number of other firms looking to expand their horizons. It’s a major step forward for digital currencies and the whole decentralized finance system garnering more mainstream traction.
“The deal is the latest attempt by the upstart cryptocurrency industry to gain mainstream recognition,” the WSJ article says. “Digital currencies and tokens are held by a rising number of institutional investors and retail traders. The U.S. financial regulator approved the launch of the first exchange-traded fund that holds bitcoin futures contracts last month.”
LA Baseball Star Becomes Crypto Ambassador
Los Angeles Angels baseball star Shohei Ohtani announced a multi-year partnership with cryptocurrency trading platform FTX. Like Crypto.com, FTX offers a trading app that allows users to buy and sell popular tokens like bitcoin, ether, solana, dogecoin, and others.
“Ohtani will serve as a spokesperson for FTX to further elevate the FTX brand, increasing awareness of the company’s platform and digital assets in general on a global scale,” the company said. FTX has made similar endorsement deals with football star Tom Brady and basketball star Steph Curry.
“As a company that is revolutionizing the digital asset ecosystem and greater financial landscape, we are continuously looking for partners that share our commitment to being a leader in their respective space,” said FTX founder and CEO Sam Bankman-Fried. “Shohei has become a transcendent player in baseball in just a short period of time and this, combined with his support of digital assets, made it an easy choice to enter into a partnership with him.”
For more news, information, and strategy, visit the Crypto Channel.