Crypto.com Eyes More Partnerships in the Sports Landscape

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Blockchain company Crypto.com is looking to expand its foray into sports as it plans to bag more partnership deals in the ecosystem.

According to its Chief Marketing Officer Steven Kalifowitz, sponsoring sports events is the company’s strategy and catalyst for reaching non-crypto enthusiasts. It appears to be effective as Kalifowitz stated that Crypto.com will double down on the strategy.

Crypto.com Sports Partnership Brings Visibility 

It is worth acknowledging that the digital asset service provider’s prominence, in terms of visibility, has risen significantly since it started directing its marketing efforts and financial support to entities in the sports landscape. Kalifowitz confirmed that the platform now has a user base of more than 100 million, with the hope of tripling the figure soon.

Two years ago, FIFA, the governing body behind major international soccer tournaments, selected the crypto exchange as its brand new official partner for the 2022 World Cup in Qatar. This followed an initial collaboration with popular American professional basketball player LeBron James to spread crypto awareness and education.

Crypto.com Bags More Deals With Sportsmen 

Markedly, the cryptocurrency exchange has been the title sponsor for Formula One’s Florida event known as the Crypto.com Miami Grand Prix since 2022. The ten-year deal is worth more than $10 million. Crypto.com is also the global sponsor for the racing circuit in a five-year deal worth $100 million.

Some of its other partnerships are with the NBA’s Philadelphia Sixers, football’s Paris Saint-Germain, the Ultimate Fighting Championship, and the Australian Football League

Crypto.com is not alone when it comes to blockchain firms supporting sports. Many other trading platforms have inked partnerships with footballers like Tom Brady and basketballers like Naomi Osaka and Steph Curry. Although, authorities have frowned at most of these business relationships since the implosion of FTX.

Sportsmen Sued For Endorsing Crypto Projects 

These celebrity sportsmen were accused of endorsing crypto platforms with high risks and unhealthy financial status. Quite a number of them ended up with lawsuits which led to settlements in millions of dollars. Recently, investors of Voyager Digital filed legal action against the National Basketball Association (NBA) and McCarter & English, New Jersey’s oldest law firm.

Both entities were accused of promoting Voyager Digital to unsuspecting investors. The losses incurred by investors were as much as $4.2 billion. Such lawsuits have obviously not deterred crypto firms from investing in sports or even other sectors.

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