Crypto behemoth Coinbase has decided to take up another sports sponsorship under its belt. Coinbase, which sponsors the NBA and the Golden State Warriors, has now partnered with the Los Angeles Clippers to become its official partner on November 23rd.
Coinbase Takes Multiple Sports Sponsorship
Coinbase has been one of the main contributors and sponsors for many sports teams. As cryptocurrency sponsorships gain traction in mainstream sports, Coinbase has partnered with the Canadian Football League (CFL).
The cryptocurrency exchange is providing thrilling bonuses to CFL fans as a means to establish brand marketing. After they complete their first trade on Coinbase’s website or app, fans will each get $25 in Bitcoin.
The collaboration is an example of how technology and sports are increasingly coming together. It also entailed that students can also enter to win prizes by scanning QR codes. One lucky fan will win a grand prize of $50,000 in Bitcoin.
Crypto Sports Sponsorship Rises Drastically
The concept of crypto sponsorship has been gaining traction for quite some time now. Sports being a mainstream event, helps crypto companies make a brand name and get the attention of a much wider audience.
Crypto companies usually see a boost in clients and successful marketing as a consequence of their sponsorship of athletic events. Numerous Bitcoin companies employ this strategy to make substantial financial contributions to sports sponsorship.
Crypto Exchange KuCoin Inks Sponsorship Deal With Dubai Sports Council to Host Padel TournamentJust previously, the Dubai Sports Council has partnered with cryptocurrency exchange KuCoin to sponsor the forthcoming Padel Cup for public servants. The sponsorship coincides with an increase in cryptocurrency users in Dubai.
Crypto.com has also jumped on a similar bandwagon. The cryptocurrency exchange platform had previously announced that it has inked a three-year deal with UEFA to become the Champions League’s first cryptocurrency partner for the 2024–2027 commercial cycle.
Additionally, as evidenced by the hoardings and banners it places throughout the racetrack, Crypto.com is F1’s official worldwide partner.
Binance followed the same suit when it partnered with Cristiano Ronaldo to provide exclusive trading sessions. The goal of the agreement was to reinterpret what a digital fan is.
The amount of Bitcoin sponsorships for English football teams has increased in tandem with this trend. According to a Bloomberg article, cryptocurrency companies have spent a record-breaking £130 million ($170 million) on partnerships for the 2024–2025 Premier League season. That number will probably rise even further if new collaborations are consistently made public during the season.
In a similar vein, Chelsea Football Club had gone past the Roman Abramovich era after agreeing to a sponsorship deal for £20 million with a digital asset platform.