Crypto.com boosts sports sponsorships for mainstream appeal

Crypto.com expanded its brand visibility since focusing on sports marketing, reaching a user base of 100m

Cryptocurrency exchange Crypto.com will be enhancing its sports events sponsorship in order to reach a wider audience, which does not necessarily fall under the category of crypto enthusiasts.

In an interview for Bloomberg News, Crypto.com’s chief marketing officer Steven Kalifowitz shared that the company plans to ramp up its sponsorship efforts. The conversation with Kalifowitz came ahead of Formula One's Miami Grand Prix, which is one of the major sports events that Crypto.com sponsors.

Crypto.com has been the title sponsor of the Miami Grand Prix since the start of the race back in 2022. The deal was signed for 10 years and is allegedly valued at over $10m. Additionally, Crypto.com also signed a five-year agreement valued at $100m to be the global sponsor of Formula 1.

Crypto.com’s announcement that it will focus more on sports events sponsorships comes on a complex backdrop of increased scrutiny of crypto companies’ contributions. This is a result of the collapse of FTX in 2022 which brought about legal prosecution against celebrities associated with the crypto market such as former NBA star Shaquille O’Neal.

The partnership with Formula 1 is not the only sports collaboration that Crypto.com has signed. The company also sponsors the Philadelphia Sixers, the Ultimate Fighting Championship (UFC), and the Australian Football League.

The crypto exchange has also used sports for wider brand exposure in a recent collaboration with renowned rapper Eminem. They partnered for a promotional ad that ran during an NBA playoff game at the Crypto.com Arena in Los Angeles.

Kalifowitz further underscored the wider brand visibility that Crypto.com has achieved. Since directing its marketing activities toward sports, the digital assets exchange has reached 100m users.

The company further announced it will also be expanding it its workforce occupied with growth activities, adding 1,400 new employees to its team.

By taking advantage of the wide appeal of sports, Crypto.com wants to attract new users, which are outside of the cryptocurrency ecosystem potentially diversifying its user base and penetrating new markets.

Crypto.com is not the only crypto company using sports to enhance brand recognition. Its move is part of a broader trend in the cryptocurrency industry. Crypto exchange OKX, for example, sponsors English Premier League team Manchester City and Formula 1 racing team McLaren.

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

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