Digital Currency Companies Taking Giant Leaps Into Sports

Larry Lease

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Digital currencies are finding its way into sports league through massive sponsor deals.Dmitry Demidko/Unsplash

As cryptocurrency companies continue to grow, they are looking to reach new audiences and grow even deeper in the mainstream. It has found its biggest mark in sports as advertisers and sponsors.

Crypto.com secured a massive 20-year, $700 million deal to become the new name of the Los Angeles arena, the current home of the Lakers, Kings and Sparks. Coinbase also signed a deal with the NBA and Tom Brady who called himself a big believer in crypto and has taken a stake in FTX. The deals have become massive and happening fast.

The National Women's Soccer League is the latest sports organization that entered the crypto fold, signing a multi-year deal, making it one of the most significant deals the league has ever done with crypto platform Voyager Digital.

Voyager Digital has reached out with several sports organizations and made deals with the Dallas Mavericks, NFL star tight end Rob Gronkowski and NASCAR driver Landon Cassill and the NWSL deal will reach a new audience, be it the players, fans, and the soccer community. CNBC reports that twice as many as men women invest in cryptocurrency. Voyager sees this new avenue as very important because it's a market that offers an opportunity to give these women a stronger hold on their financial future through digital currencies.

Voyager's investment includes creating a fund that will be split across each player and deposited into their own crypto account. Each player is also given financial education on the digital currency from Voyager.

Crypto has found a solid footing in sports. Sports leagues including UFC have been quick to accept and embrace crypto. Crypto.com reached a $175 million deal with the UFC. Major League Baseball league reached a massive multi-year deal with FTX last Summer, making it the first partnership between a sports league and a crypto exchange. The deal landed an FTX US patch on all umpire uniforms. The FTX secured the naming rights to the Miami Heat's arena in a 19-year deal valued at $135 million.

Crypto deals are not limited to traditional sports, more recently CNBC reported that crypto platform Algorand reached a $100 million deal with Drone Racing League. However, some sports leagues are still cautious about new sponsorship deals including the NFL. The NFL restricted teams from making sponsorship deals with cryptocurrency trading firms.

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I specialize in crime, entertainment and political stories. I have spent eight years as a freelance writer and journalist.

Dallas, TX
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