Cash-rich crypto companies are turning to sports sponsorship to advertise as platforms like Google and Facebook crack down on ads.
Soccer is one of the most popular sports for crypto companies given its global appeal.
English Premier League teams Arsenal and Wolverhampton Wanderers have both signed crypto deals and players like Eden Hazard and Lionel Messi also have endorsement deals in the space.
A specialist in crypto sports marketing told BI he is in discussions with the majority of Premier League teams but executives remain wary after high-profile crypto scams last year.
LONDON — Cash-rich crypto companies are keen to strike sports sponsorship and endorsement deals as companies such as Google and Facebook crack down on crypto adverts on their platforms.
Polish cryptocurrency exchange CoinDeal last week struck a deal to become a shirt sponsor of Wolverhampton Wanderers, an English soccer team that has just been promoted to the Premier League. Arsenal struck a similar crypto sponsorship deal in January of this year.
“It’s coming, it’s definitely coming,” Sunny Singh, the CEO and founder of Van Hawke Sports, told Business Insider. “It’s already happening and I think we will see more of these deals going forward.”
Singh spent 10 years in the foreign exchange industry and left FX company LMAX earlier this year to set up Van Hawke, a specialist sports marketing company catering to FX and crypto.
“Where crypto is now, in terms of the advertising restrictions, is where FX effectively was 10 years ago straight after the financial crisis, where regulation was heavily imposed as to what could be done,” he said.
While there is no regulation on cryptocurrency advertising in most parts of the world, many major online platforms have either banned or tightly rules around advertising on their platforms after a series of high-profile scams. Google and Facebook have both …read more
Source:: Business Insider