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Crypto exchange Coinbase has inked a partnership with the Canadian Football League (CFL), as the influence of crypto sponsorships grows in mainstream sports.
This historic achievement marks a new chapter in the CFL’s ongoing evolution and demonstrates the growing impact of cryptocurrency on mainstream sports. It is also the first of its kind for a major Canadian sports organization.
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What Will The Partnership Entail?
The cryptocurrency exchange is honoring the partnership by offering CFL fans exciting bonuses. They will each receive $25 in Bitcoin for completing their first trade on Coinbase’s website or app.
Additionally, students can use QR codes to have a chance to win rewards. $50,000 in Bitcoin will be given away as a grand prize to one lucky fan. The partnership represents the growing convergence of technology and athletics. Since cryptocurrency is becoming more and more popular, this partnership will give the CFL access to unique options.
Crypto Sponsorship Grows Heavily For Sporting Events
Coinbase’s move to step a foot into sports sponsorship stays in tandem with other market players.
For example, as reported by UnoCrypto earlier, the number of cryptocurrency sponsorships for English football teams has increased dramatically in recent years, and additional collaborations are planned for the upcoming campaign.
A record-breaking approximately £130 million ($170 million) has been spent by cryptocurrency companies on partnerships for the Premier League 2024–2025 season.
That figure will most likely increase even more if more partnerships are regularly revealed throughout the season. The decline in gambling revenue coincides with the influx of cryptocurrency funds into English football.
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Coinbase Joins Peers With New Sports Partnership
Every sport in the world has seen an increase in cryptocurrency sponsorship. Advertising from supporting sporting events typically results in effective marketing and an increase in the number of customers.
Many cryptocurrency corporations use this tactic to donate large sums of money to sports sponsorship. Crypto.com is an excellent illustration of this. As the first cryptocurrency partner of the UEFA Champions League for the 2024–2027 commercial cycle, the cryptocurrency exchange platform had previously revealed that it had signed a three-year contract with UEFA.
Additionally, Crypto.com is F1’s official global partner, as seen by the hoardings and banners it displays throughout the racetrack.
When Binance teamed with Cristiano Ronaldo to offer personal trading sessions, it also joined the trend. The agreement sought to redefine the definition of a digital fan.
Singing the same tone, Chelsea Football Club had moved on from the Roman Abramovich era after signing a £20 million shirt-sleeve sponsorship contract with a digital asset platform.