Crypto exchange KuCoin has inked a deal with the Dubai Sports Council to sponsor the upcoming Padel Cup for government employees.
The sponsorship comes at a time when Dubai has seen a rise in crypto users and amid a surge in sports sponsorship by crypto firms.
KuCoin Inks Sports Sponsorship Deal
On November 19, 2024, KuCoin announced being the Title Sponsor for the Open Padel Cup for Government Institutions with the Dubai Sports Council.
According to the official announcement by the firm, all UAE government institutions are invited to compete in the Open Padel Cup Championship, which is set for December 13–15.
Since professional players who are registered with clubs or the UAE Padel Association are not eligible, this competition is open to over 300 Emirati amateurs in an effort to encourage amateur involvement.
Sponsorship Comes Amid Rise of Padel Sport In Dubai
KuCoin’s sponsorship comes as padel sport has been growing in popularity in Dubai. The sport is seen as a means for entertaining and enhancing the local sports culture and encouraging a healthy lifestyle.
In light of the enormous potential of the cryptocurrency industry, KuCoin, the title sponsor, has stated that it has great faith in the Middle East’s economic future, especially that of the United Arab Emirates and Dubai.
Additionally, in the last few years, KuCoin has been actively involved in several local initiatives and formed numerous alliances in Dubai’s bustling city. KuCoin was a sponsor of the COP28 Global Climate Change and Green Blockchain Summit last year.
Crypto Sports Sponsorship Rises Globally
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 for crypto firms.
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.
With the rise of this trend, the market has also seen a rise in the number of cryptocurrency sponsorships for English football teams. A record-breaking approximately £130 million ($170 million) has been spent by cryptocurrency companies on partnerships for the Premier League 2024–2025 season, according to a report by Bloomberg.
That figure will most likely increase even more if more partnerships are regularly revealed throughout the season.