Crypto.com Tops $400 Million in 2021 Sports Deals on 76ers Pact
The trend of partnerships between cryptocurrency firms and sports teams continues, with Crypto.com and the Philadelphia 76ers basketball team entering into a deal.
The pact will include plans for the launch of a non-fungible token (NFT) series by the 76ers, while Crypto.com becomes the National Basketball Association team’s official jersey patch partner, according to a statement. The crypto platform will also present a school to educate fans on cryptocurrency.
This is Crypto.com’s first partnership in the NBA, after the platform has sealed deals with the likes of Formula 1, Paris Saint-Germain and the National Hockey League’s Montreal Canadiens. Its partnerships with sports brands total over $400 million, a person familiar with the matter said.
“Crypto.com will be woven into the fabric of our identity, and together, we will change the landscape for how crypto is integrated in sports,” said Chris Heck, 76ers president of business operations, in the statement.
The tie-up comes as digital-asset operations more generally begin to see sports as a way to reach a wider base of potential customers. The Tezos blockchain teamed up with McLaren Racing in June for a multiyear partnership across Formula 1, IndyCar and e-sports. And crypto-derivatives exchange FTX’s Chief Executive Officer, Sam Bankman-Fried, said in an interview earlier this month that there are indications its sponsorships with the likes of the Miami Heat and Major League Baseball have been a “non-trivial piece” of how people became aware of FTX.
“The Philadelphia 76ers are a perfect fit for our world-class roster of sports partners,” said Kris Marszalek, co-founder and CEO of Crypto.com, in an email. “Not only will we see great brand exposure, but I’m especially excited about the unique experiences for fans we’ll create together.”
©2021 Bloomberg L.P.