Cryptocurrency has become a big, relatively new form of finance. This form of currency is not without its fair share of controversy, but it looks like it is here to stay for a while at least. The concept was originally created back in the 1980s but the cryptocurrency we know today was created in 2009 by pseudonymous developer Satoshi Nakamoto in what is presumed to be Japan, although the exact identity of Satoshi Nakamoto and his/her/their location has been met with much speculation. Nakamoto created Bitcoin and released it publicly in 2010.
Many major sporting leagues around the world have embraced cryptocurrency and have struck sponsorship deals with different cryptocurrency companies over the last few years.
NBA
One of the most popular sports in the United States, and played worldwide, basketball is not just a sport but a corporation. The NBA and all its teams have extensive endorsements from companies such as Nike, Verizon, Toyota, PepsiCo, Sony, and American Express. Recently, the NBA entered an exclusive league agreement with cryptocurrency trading platform Coinbase to the tune of $192 million over four years.
Individual teams are also striking deals with cryptocurrency platforms. FTX has secured arena-naming rights with Miami Heat with a 19-year, $135 million deal. Crypto.com have made a $700 million, 20-year arena-naming rights deal with the Los Angeles Lakers. The NBA sure has confidence in this financial platform.
AFL (Australian Football League)
In January of 2022, the AFL and AFLW made a $25 million five-year sponsorship deal with Crypto.com which includes giving them naming rights to the “Crypto.com AFL Score Review” for the entire season including the finals. Crypto.com co-founder and CEO Kris Marszalek has mentioned that it is another positive step for cryptocurrency in Australia, as AFL is one of the most popular sports in the country and it is believed that their message will resonate with fans. Crypto.com General Manager Asia & Pacific, Karl Mohan has said that more and more Australians have adopted cryptocurrency and the Australian Government has been creating regulations that will protect investors and foster innovation going forward.
Football
Crypto.com was unveiled as the official sponsor of the FIFA World Cup Qatar 2022 in March of 2022. This is a major step for the cryptocurrency platform which has over 10 million customers and more than 4,000 employees worldwide. You can be sure that FIFA World Cup betting is about to get a lot more interesting if cryptocurrency is made more mainstream for sports punters. The FIFA World Cup is one of the biggest sporting events on the planet and this new sponsorship deal will no doubt pique the interest of potential cryptocurrency investors the world over, given the extensive international platform and wide audience.
Formula1
Almost every Formula1 team has struck up deals with different cryptocurrency companies. Velas, which is a blockchain technology company signed up with Ferrari in December 2021, while both OKX, a cryptocurrency exchange platform, and Tezos, a blockchain technology company have both signed on to sponsor McLaren over the last year. Currently, the only teams without some sort of cryptocurrency sponsorship are Haas and Williams. This will probably change in the near future though if cryptocurrency stays successful and relevant. Though only time will tell if these lucrative deals will work out for crypto companies in the long term, sporting leagues all over the world are benefiting from these incredible sponsorship deals.