Business
Crypto Companies Are Spending $2.4 Billion on Sports Sponsorships
Crypto.com, Coinbase, and FTX are moving aggressively to match the marketing muscle of carmakers, beer brands, and other big-money advertisers.
An NBA basketball game at the Crypto.com Arena in Los Angeles.
Photographer: Kirby Lee/AlamyThis article is for subscribers only.
For fans of professional sports, the insistent overtures from the crypto industry have become almost impossible to miss: The names of exchanges and blockchain companies are emblazoned on team jerseys, plastered on stadiums, and beckoning from halftime TV commercials. They’re talked up by prominent players who enjoy lucrative endorsement deals.
This nascent band of businesses has moved aggressively since last year to match the advertising muscle of beer brands, carmakers, telecom service providers, and other stalwart sports sponsors.