Crypto Sponsorships Rocket – Adoption Growing Every Day

The rate of adoption in the cryptocurrency space has been growing consistently, even during the period of bearish trends.

The adoption in the cryptocurrency space has been exceptional over the past few years. The 2017 Bull Run attracted many people to the cryptocurrency space, and the market has been gaining more investors and traders since then. The rising adoption comes as awareness for cryptocurrencies continues to increase. Crypto companies are spending millions of dollars on promoting their services and educating people about cryptocurrencies.

FTX Leads the Way

Cryptocurrency companies have mostly focused on sponsorships within the sporting world. One of the most active crypto companies in terms of crypto sponsorships is FTX. The cryptocurrency exchange has spent hundreds of millions of dollars in terms of sponsorships, advertisements, and acquisitions.

FTX spent $135 million to acquire the naming rights to the arena of the NBA’s Miami Heat. The basketball-playing ground is now known as the FTX Arena. The cryptocurrency exchange also acquired esports team TSM for $210 million, the largest acquisition in esports history.

The Sam Bankman-Fried-led crypto exchange didn’t stop there. It also went ahead and paid $17.5 million for the naming rights to Cal Memorial Stadium. At the moment, FTX is also the official cryptocurrency exchange of Major League Baseball.

FTX and its sister company, Blockfolio, have also endorsed some leading sports stars in the United States. One of them is NFL quarterback Trevor Lawrence, whose deal is currently worth millions of dollars. Cade Cunningham is another star that signed an endorsement deal with Blockfolio. Tom Brady is also involved with the cryptocurrency exchange and its sister company.

While speaking at the Decrypt and Yahoo Finance Crypto Goes Mainstream event recently, FTX’s Sam Bankman-Fried said,

“There’s been some user growth, but we are really coming from behind on name recognition. We’ve been around for two and a half years. That’s a lot less long than some of the other big names in the crypto exchange business. When someone’s looking to get involved in crypto for the first time, we’ve found that they haven’t heard of FTX.”

Another cryptocurrency exchange that has been spending big in terms of sponsorships is A recent report indicated that had spent more than $400 million in sporting sponsorships since the start of the year., like FTX, has been quite aggressive about establishing a footprint in sports. Some of its biggest deals in sports now include;

  • A one-year sponsorship deal with the NHL’s Montreal Canadians in March.
  • A five-year, $100 million global partnership with Formula 1 in June.
  • A 10-year, $175 million branding deal with UFC in July.
  • A multi-year partnership with Serie A in August.
  • A three-year, $29.5 million to $35.4 million deal with Paris Saint-Germain.’s partnership with Paris Saint-Germain was particularly inspired by Lionel Messi’s move to the French capital. Regarded as the world’s finest soccer star, Messi’s move to PSG attracted sponsors, and the star will be paid some part of his deal with CRO, the native token.

Other Crypto Entities Aren’t Left Behind

AntPool, the bitcoin mining company owned by Bitmain, also entered into a sponsorship agreement with a sporting entity. Antpool was a sponsor for the Houston Rockets in the 2017-2018 season of the National Basketball Association (NBA). StormX is another company that has also been involved in sporting sponsorships in recent months.

The sponsorships across various major sporting leagues across the world have increased the awareness of cryptocurrencies. This has resulted in the broader cryptocurrency market gaining both retail and institutional adoption over the past few years.

An increasing number of institutional investors such as hedge funds, investment firms, asset managers, pension funds, and many more are entering the cryptocurrency space and investing billions of dollars into Bitcoin and other cryptocurrencies.

As a result of the rising retail and institutional adoption, the cryptocurrency market has recorded astronomical growth in recent years. The total cryptocurrency market cap touched the $3 trillion mark for the first time a few days ago. Thus, marking a huge growth from the roughly $1 trillion it was worth at the same period last year.

The launch of various spot and futures exchange-traded funds (ETFs) and other investment products are also attracting more institutional investors into the cryptocurrency market.

Bitcoin and other cryptocurrencies have also rallied to a new all-time high as the adoption continues. Bitcoin reached a new all-time high above $69k earlier this week, while Ether set a new one close to the $5k region.

The cryptocurrency market is expected to grow even bigger over the coming months and years. Market analysts expect Bitcoin’s market cap to reach $100k before the end of the year, and that could see the total market cap reach the $4 trillion mark in the coming months.

Leave a Reply

Your email address will not be published.

Related Articles
Read More

How To Make A Video Game Based On Blockchain

Blockchain promotes decentralization and freedom; gamers can therefore utilize the capabilities of some of the best games to the fullest. Gaming platforms like EtherRokets, Etheremon, and Cryptopets adopted Non-Fungible Tokens.Fomo3D introduced betting and Ponzi schemes. On dAppRadar, there are presently over 650 Ethereum dApps listed...
Read More

Can Blockchain Technology Foster Disaster Relief Management?

Blockchain specifically helps data, which can be of any sort on a distributed ledger, with provisions that make it immutable, thus guaranteeing transparency and authenticity. The emergence of the coronavirus pandemic ushered in a major need to employ a superior technology that can help manage...
Read More

Top 5 Solana Projects To Keep An Eye On

Many users and investors are beginning to scout for projects that are worth engaging with. In this article, we will walk you through some of these exciting projects. About SolanaSolana is the newest of notable blockchains. It is fast, efficient, and above all, and with...
Read More

PancakeSwap Vs Sushiswap – Which is Better?

Through these exchanges, individuals can swap one token for the other, lend or stake their cryptocurrencies and earn rewards through permissionless liquidity protocols. Among the popular DEXs available are PancakeSwap and Sushiswap. PancakeSwap and Sushiswap are both forks for UniSwap, another popular De-Fi exchange. Both...