Bitget Strikes Deals with Turkish Sports Icons for Campaign Expansion

Bitget, the cryptocurrency exchange and Web3 company, hasannounced the addition of Turkish athletes Buse Tosun Çavuolu, Samet Gümü,and lkin Aydn to its MakeItCount campaign. The campaign, which originallyfeatured Lionel Messi in 2022, seeks to broaden Bitget's objective of empoweringits Turkish user base.

Adding Turkish Athletes to the Roster

The partnership involves collaboration with Turkish NationalAthletes Buse Tosun Çavuolu (Wrestling team), Samet Gümü (Boxing team), andlkin Aydn (Volleyball team) under the MakeItCount Campaign.

Bitget's decision to partner with Turkish athletes comesamidst growth in Turkey's cryptocurrency market. Bitget itself has experienced substantialgrowth in signups, trading volume, and net deposit amounts from Q4 2023 to Q12024.

"At Bitget we thrive on perseverance and keep on goingdespite what obstacle may come our way. As the leading crypto platform webelieve in the long term vision of financial freedom and have a strong positivepassion in helping the ecosystem grow."

"For us, wins and losses are bothmilestones and there's no progress is too small. Our partners reflect thisbelief," said Vugar Usi Zade, Chief Operating Officer, Bitget.

Since 2021, Bitget has been forging partnerships withleading sports clubs and players globally. Previous partnerships includecollaborations with prominent football clubs, esports entities, and legendaryfigures like Lionel Messi.

Bitget Names New CEO

GracyChen, a seasoned entrepreneur with over a decade of experience, has beenappointed as the new CEO of Bitget, as reported by Finance Magnates. Chen's journey inthe blockchain realm started in 2014 as a TV host, where encounters withexperts like Tim Draper sparked her interest.

Joining Bitget as ManagingDirector in June 2022, she led growth strategies and global expansions,resulting in significant user base growth. Now, as CEO, Chen aims to continueBitget's success. Alongside her role, she remains a Forbes columnist and ajudge on "Killer Whales," a reality crypto TV show.

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MotoGPs Gresini racing goes crypto with new fan sponsorship program

MotoGP race team Gresini Racing is embracing elements of decentralized ownership through a new program allowing fans to purchase personal team sponsorship packages.

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Polkadot (DOT) and Conor Daly Revolutionize Sports Sponsorship

Polkadot and Conor Daly pave the way for decentralized sports sponsorship. (Read More)

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Zondacrypto Pedals into Partnership: Official Crypto Sponsor of Giro d'Italia

Zondacrypto, a cryptocurrency exchange in the Central andEastern European region, has announced its partnership with the Giro d'Italiacycling race. This collaboration designates zondacrypto as the OfficialCryptocurrency Exchange of the 107th edition of the Giro d'Italia, set tocommence on May 4th in Turin and culminate on May 26th in Rome.

Multi-Faceted Role: Includes FantasyLeague Sponsorship

As part of this partnership, zondacrypto will enjoy visibilitythroughout the event, including branding at significant points along the raceroute, such as "kilometer zero" and on a specially designated car.Moreover, zondacrypto's involvement extends beyond the race itself,encompassing sponsorship of the FantaGiro d'Italia fantasy league, boastingover 12,000 participants.

Together with the organizers, we believe that the ZNDtoken, which will be the prize in the race, will revolutionize the future ofsports sponsorship. Additionally, our logo on the leader's jersey will exposeus throughout the Giro d'Italia Women, highlighting that zondacrypto is also awoman. We welcome Giro among our friends who, like us, believe in crypto as thecurrency of the future," commented Przemysaw Kral, the CEO of zondacrypto.

Expanding Sponsorship Reach

In addition to its collaboration with the Giro d'Italia,zondacrypto will serve as the Official Sponsor of Giro diLombardia, also known as "Il Lombardia," and the Giro Rosa, formerlyknown as the Giro d'Italia Women. These partnerships afford Zondacryptos exposurewithin the global cycling community, including the placement of its logo on the'red jersey' during the women's race.

Exciting news!We are proud to announce that we will be the Official Crypto Exchange Partner of the Giro d'Italia Starting this Saturday in Venaria Reale and finishing on May 26 in Rome with ZND tokens to be won! Look for us at 'kilometer zero', on the special car No. 1, pic.twitter.com/avG5xPsDuU

Zondacrypto has pledged to offer a prize for the standoutfemale cyclist in the Giro Rosa, a notable event in the International CyclingUnion calendar. Additionally, it will sponsor a prize for the winner of theFantaGiro d'Italia fantasy league.

The dynamics of our Partner's growth is as high as thespeed of the best cyclists during the tour. We're delighted that our globalGiro d'Italia audience of nearly 800 million will help in increasing knowledgein the field of cryptocurrencies thanks to the involvement of zondacrypto," said Matteo Mursia, the Chief Revenue Officer, w RCS Sport.

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Winklevoss Twins Now Own an English Football Club

The blend of cryptocurrency and sports sponsorship has become crazier as Real Bedford, a non-league English football club, received $4.5 million investment in Bitcoin from Cameron and Tyler Winklevoss, the twins who founded the crypto exchange Gemini.

An Investment towards Ownership

Following the investment, the Winklevoss twins will share the ownership of the club with the crypto-focused podcaster Peter McCormack, who bought the club in his hometown of Bedford in 2021.

McCormack aims to take the club to the Premier League level and make it play with the country's big names, like Manchester United and Chelsea FC. Currently, Real Bedford is playing in the ninth division of the English leagues. Its social following is limited, with only 18.5k followers on Twitter and about 3,650 followers on Instagram.

Being a proponent of Bitcoin, McCormack enabled payment for game day tickets, merchandise, sponsorships, and beverages with Bitcoin.

This has been a great few years for the club as we hit all of our growth goals and supported the community in a sustainable way, said McCormack. The demands of a fast-growing club are significant, and the backing from Tyler and Cameron will allow us to continue investing in Bedford and the local community.

.@Cameron and @Tyler Winklevoss invest in Real Bedford becoming co-owners with @PeterMcCormackTheir $4.5M in #Bitcoin into Real Bedford FC is the largest investment ever made into a football club in the UK outside of professional leagues We are pic.twitter.com/5fbvfACoBH

Sponsor to Owner

Before investing in becoming the co-owners, the Winklevoss twins sponsored the local football club at Bedford, a town with a population of 200,000.

However, compared to a few other big crypto brands, Gemini's sports presence is limited. Apart from the English football club, the crypto exchange sponsored the Oxford-Cambridge Boat Race and Ava Keenan, a 12-year-old skier.

We share in Peters deep conviction in Bitcoin and its ability to supercharge RBFCs quest to make it into the Premier League, said Tyler Winklevoss. Since our first conversation more than two years ago, Peter has proven he knows how to build a successful club, and were excited to work alongside him as co-owners.

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OKX, Man City Sign $70M Deal after Shaking Off Club’s FTX-Related Fears

OKX has expanded its deal with Manchester City through a new three-year agreement that makes it the popular English football club’s Official Sleeve Partner. The new deal is worth $70 million, the Seychelles-based cryptocurrency exchange told CoinDesk today (Friday).

OKX Passes Man City’s ‘Litmus Test’

OKX launched its first official global brand partnership with Man City in March 2022. Months later, it became the club’s official training kit partner for the 2022/2023 season.

The new deal unveiled on Friday at the Etihad Stadium in England builds on these previous partnerships. The agreement avails OKX of a bigger opportunity for brand positioning.

“As part of the expanded deal, the OKX brand will feature on the left sleeve of both the men's and women's first team playing kits and will retain its position on the left sleeve of the first team training kits, in addition to appearing across further digital and physical club assets,” OKX explained in a statement.

Beyond Man City, OKX’s portfolio of brand partnerships includes the British motor racing team, McLaren Formula 1 and F1 Driver, Daniel Ricciardo, Olympian Scotty James, and film promoter the Tribeca Festival. However, OKX told CoinDesk it passed Man City’s “litmus test” before the new agreement scaled through.

Sports Sponsorship Nightmare in Crypto Industry

In 2021, FTX and Crypto.com splashed over $1 billion on sports sponsorships, with the latter securing the right to sponsor the Ultimate Fighting Championship for 10 years through a $175 million deal. However, the collapse of FTX in November 2022 left several of the bankrupt crypto exchange’s sports partners and celebrity endorsers contending with multiple lawsuits, Finance Magnates reported.

In an interview with CoinDesk on Friday, OKX disclosed that its sports partners expressed worry about its business in light of the situation at FTX. However, Haider Rafique, the Chief Marketing Officer of OKX, said the exchange’s proof of reserves (PoR) convinced the sports collaborators otherwise. He added that partners such as Man City and McLaren Formula 1 even audited its PoR.

A PoR is an independent third-party audit to confirm that a digital asset custodian actually holds the assets it claims to have accumulated in its reserves to secure customer deposits.

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Back on track: Kraken inks F1 crypto sponsorship deal with Williams Racing

Kraken has inked a partnership deal with Williams Racing marking the first major return to F1 for crypto this year.

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Kraken Crypto Exchange Sponsors Williams Racing F1 Team

<p> Williams Racing and Kraken, a popular crypto platform, announced a global partnership ahead of the Australian Grand Prix in Melbourne. This marks Kraken's first-ever official crypto and Web3 partner of the Formula 1 (F1) team.</p><p>Kraken and Williams Racing Announce Crypto Partnership</p><p class="MsoNormal">According to a press release <a href="https://www.williamsf1.com/posts/315c4334-4ab2-4991-8557-066c8759b776/williams-racing-and-kraken-announce-global-crypto-partnership" target="_blank" rel="nofollow">published </a>on Williams F1's official website, throughout the rest of the 2023 FIA Formula One World Championship season, Kraken's logo will be prominently displayed on the FW45 racing car halo and rear wing. Additionally, the branding will be featured on driver racing attire and team headwear.</p><p class="MsoNormal">In addition to the partnership agreement, the rear wing of FW45 will exhibit KrakenNFT digital art pieces owned by customers sourced from third-party NFT initiatives during specific Grand Prix events. Furthermore, Williams and Kraken will join forces to create exclusive limited-edition caps for certain Grands Prix occasions.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">?? Today we’re thrilled to announce Kraken as an official partner of <a href="https://twitter.com/WilliamsRacing?ref_src=twsrc%5Etfw">@WilliamsRacing</a>! Together we’re accelerating the crypto revolution on and off the grid ??More info: <a href="https://t.co/ASxKLrBlFo">https://t.co/ASxKLrBlFo</a> <a href="https://t.co/5RfIdkZKbZ">pic.twitter.com/5RfIdkZKbZ</a></p>— Kraken Exchange (@krakenfx) <a href="https://twitter.com/krakenfx/status/1640700416156397571?ref_src=twsrc%5Etfw">March 28, 2023</a></blockquote><p class="MsoNormal">"Kraken's partnership with Williams Racing shows what is possible when you combine a great mission with excellence, innovation and breakthrough performance. These are both iconic brands that have stood the test of time. We're excited to engage with both Kraken's and Williams Racing's global communities, showcasing the power and life-changing impact of crypto and Web3," Mayur Gupta, the Chief Marketing Officer at Kraken, commented.</p><p class="MsoNormal">With a focus on engaging fans and the community, Kraken will take part in various Williams Racing fan zone activities during the season. Simultaneously, the crypto <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> will develop content to inform and educate F1 fans about the objectives and importance of Web3 technology.</p><p class="MsoNormal">James Bower, the Commercial Director of Williams Racing, expressed his pride and excitement about the partnership with Kraken, highlighting that it unites two well-established and trusted brands from their respective industries.</p><p class="MsoNormal">"We're excited to get the partnership underway to offer our fans cutting-edge crypto and Web3 experiences, while also enabling Kraken to reach new institutional clients and businesses through our network and events," Bower summarized. </p><p>Brokers and Exchanges Bet on F1</p><p class="MsoNormal">The first FX/CFD company to bet on Formula One sponsorship <a href="https://www.financemagnates.com/forex/brokers/xtb-is-on-a-roll-interview-with-ceo-jakub-zablocki/" target="_blank" rel="follow">was X-Trade Brokers</a> (now XTB) more than ten years ago. Since then, many more retail brokers have decided to partner with teams of the popular racing series. In 2018, such a partnership with the <a href="https://www.financemagnates.com/thought-leadership/fxpro-and-mclaren-f1-team-extend-partnership/" target="_blank" rel="follow">McLaren F1 Team was established by FxPro</a>, which was extended in 2021, while a year ago, the popular <a href="https://www.financemagnates.com/terms/p/payments/" class="terms__secondary-term" id="f1d2a713-da14-4a6b-8fcd-e8f360d07f45">payments</a> services provider, <a href="https://www.financemagnates.com/fintech/nuvei-become-mercedes-formula-1-teams-official-sponsor/" target="_blank" rel="follow">Nuvei</a>, became a sponsor of the Mercedes team.</p><p class="MsoNormal">In addition, the cryptocurrency industry has experience in sponsoring sports and F1 teams. In 2021, <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-com-becomes-a-sponsor-of-aston-martin-f1-team/" target="_blank" rel="follow">Crypto.com announced</a> that it has become a sponsor of the Aston Martin F1 Team, and in 2019 FuturoCoin joined as <a href="https://www.financemagnates.com/cryptocurrency/news/futurocoin-becomes-first-crypto-firm-to-sponsor-formula-1-team/" target="_blank" rel="follow">a partner of Aston Martin Red Bull Racing</a>. Unfortunately, the latter turned out to be a scam promoted by the fraudulent company FutureNet. Roman Ziemianin, the pyramid's creator, was arrested in late 2022.</p><p>Positive News for Kraken after Tough Months</p><p class="MsoNormal">The news of a sponsorship deal signed with a Formula One team is the first upbeat note regarding Kraken after a year of cryptocurrency operational and regulatory problems.</p><p class="MsoNormal">In November, the exchange announced that it was cutting its global workforce <a href="https://www.financemagnates.com/cryptocurrency/crypto-exchange-kraken-cuts-global-workforce-by-30/" target="_blank" rel="follow">by 30% </a>in order to adapt to challenging market conditions. Less than a month later, it admitted that it was <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-shut-operations-in-japan-by-citing-weak-crypto-market/" target="_blank" rel="follow">suspending operations in Japan</a> due to the weak cryptocurrency market.</p><p class="MsoNormal">However, the real problems started after February 2023, when Kraken found itself <a href="https://www.financemagnates.com/cryptocurrency/kraken-faces-sec-probe-over-unregistered-securities-listings/" target="_blank" rel="follow">under the sight of the US SEC</a> in connection with a listing of unregistered securities. Finance Magnates reported that the <a href="https://www.financemagnates.com/cryptocurrency/kraken-shuts-staking-as-a-service-in-us-amid-30m-sec-settlement/" target="_blank" rel="follow">exchange shut down Staking-as-a-Service</a> and agreed to pay $30 million to settle with the market supervisor over its activities in the US.</p><p class="MsoNormal">Regulatory problems prompted news of a possible <a href="https://www.financemagnates.com/cryptocurrency/kraken-to-move-from-exchange-to-crypto-bank-amid-us-regulatory-dispute/" target="_blank" rel="follow">exchange conversion into a crypto bank</a>. The idea was first presented in 2020 and has now resurfaced in the face of regulatory pressure.</p><p class="MsoNormal">In the wake of Silvergate Bank's downfall, <a href="https://www.financemagnates.com/cryptocurrency/news/kraken-to-suspend-ach-deposits-and-withdrawals/" target="_blank" rel="follow">Kraken has opted to discontinue ACH deposit</a> and withdrawal services. Since 2019, Kraken has been among several crypto exchanges utilizing the Silvergate Exchange Network (SEN) for ACH transactions in the United States.</p> This article was written by Damian Chmiel at www.financemagnates.com.

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Crypto Paydays: How Athletes are Embracing Cryptocurrency Sponsorships

Athletes are increasingly adopting bitcoin sponsorships as part of their endorsement deals in the world of sports. Famous athletes, ranging from high-profile footballers to Olympic competitors, are forming alliances with Bitcoin companies.

This article digs into the growing popularity of cryptocurrency sponsorships in the sports sector, examining the advantages and disadvantages for both sportsmen and the crypto firms involved.

Cryptocurrency Sponsorships Are Emerging

As the popularity of cryptocurrencies grows, sportsmen are looking for ways to collaborate with creative companies in the crypto field.

Endorsement Deals Diversification

Crypto sponsorships allow athletes to broaden their endorsement portfolio beyond traditional businesses.

Cryptocurrency sponsorships connect the worlds of sports and money, reaching a new and tech-savvy audience. Cryptocurrencies have a global reach, which makes them intriguing to athletes that have a global fan base.

Athletes Can Benefit from Cryptocurrency Sponsorships

Because cryptocurrencies are volatile, athletes can benefit from lucrative arrangements, especially if the value of the sponsored coin rises dramatically.

Cryptocurrencies allow athletes to be more financially included and to handle their revenues autonomously.

Athletes' association with cutting-edge cryptocurrency startups increases their image as forward-thinking and tech-savvy individuals.

Crypto sponsorships provide sportsmen with access to the passionate and engaged crypto community, allowing for deeper fan engagement.

The Difficulties of Cryptocurrency Sponsorships for Athletes

Cryptocurrencies are notorious for their price volatility, and sportsmen must be prepared for potential variations in the value of the cryptocurrency they are sponsored with.

The regulatory landscape surrounding cryptocurrencies can be complex and ambiguous, causing athletes and their teams to be concerned about compliance.

Some fans and stakeholders may be suspicious of cryptocurrencies, potentially leading to criticism or reaction against players who support them.

Because not all sportsmen have a thorough understanding of cryptocurrency, they may be exposed to hazards if they are not properly informed.

Athlete Sponsorships and Cryptocurrency Companies

Collaboration with high-profile athletes can boost bitcoin companies' brand visibility and trustworthiness.

Athlete sponsorships allow crypto entrepreneurs to reach out to sports enthusiasts and audiences outside of the crypto community.

Athletes can help bitcoin companies by aggressively promoting them on social media, in interviews, and in public appearances, thereby enhancing marketing efforts.

Athletes can help their fans and followers learn about cryptocurrencies and blockchain technology.

Sports Crypto Sponsorship Success Stories

The NFL's First Bitcoin Transaction

As part of a sponsorship agreement with a cryptocurrency startup, quarterback Trevor Lawrence became the first NFL player to get his signing bonus in Bitcoin in 2021.

NBA and NFT Collaborations

Several NBA players have formed alliances with cryptocurrency companies and released non-fungible tokens (NFTs), profiting on the NFT craze.

Sports Academy Supported by Cryptocurrency

An athlete-founded sports academy obtained cryptocurrency investment, indicating cryptocurrencies' expanding popularity in the sports business.

The Future of Cryptocurrency Sports Sponsorships

As cryptocurrencies achieve popular acceptance, the trend of bitcoin sponsorships in sports is expected to continue.

Cryptocurrency sponsorships are likely to go beyond football and basketball to include racing and eSports.

Non-fungible tokens are likely to play a larger part in athlete sponsorships, enabling the creation of unique and valuable digital memorabilia.

As athletes have a better understanding of cryptocurrency, some may decide to invest a percentage of their earnings in crypto assets.

How Athletes Embracing Sponsorships is Paving the Way for Widespread Adoption

The world of cryptocurrencies has witnessed significant growth and recognition in recent years, extending its influence beyond the realm of finance and technology. As prominent sports figures embrace cryptocurrencies, they are not only diversifying their revenue streams but also propelling the concept of crypto mass adoption forward.

Traditionally, athletes relied on endorsement deals, prize money, and contracts to generate income. Embracing crypto sponsorships introduces a new revenue stream that offers diversification and potential for long-term growth. Crypto sponsorships often involve receiving digital assets, which can appreciate over time, providing athletes with an additional avenue for financial stability and wealth accumulation.

As crypto sponsorships gain traction, athletes might be open to the idea of receiving their salaries or a portion of their earnings in cryptocurrencies. Crypto salaries offer benefits such as reduced reliance on intermediaries, faster payment processing, and increased control over funds. Additionally, athletes can capitalize on potential price appreciation of the cryptocurrencies they receive as part of their earnings.

By embracing crypto sponsorships and incorporating cryptocurrencies into their brand, athletes can tap into a new and younger audience that is more familiar with digital assets and blockchain technology. This engagement can boost their personal brand and fan base, driving increased opportunities for endorsements, partnerships, and social media influence.

The marriage of sports and cryptocurrencies creates a unique opportunity to bridge the gap between two seemingly unrelated industries. As athletes venture into the crypto space, they play a crucial role in educating their fans and peers about blockchain technology, smart contracts, and the potential benefits of decentralized finance (DeFi). This knowledge-sharing fosters greater understanding and acceptance of cryptocurrencies among a broader audience.

As such, the integration of cryptocurrencies into the sports world can foster innovation in various areas. For instance, blockchain technology can be leveraged to ensure the authenticity of sports memorabilia, enable fractional ownership of valuable assets, or revolutionize ticketing systems through non-fungible tokens (NFTs). These innovations have the potential to enhance the fan experience and transform the sports industry.

Conclusion

Cryptocurrency sponsorships have developed as a prominent trend in the sports world, offering athletes with new chances to diversify their endorsement portfolios and connect with the crypto community's tech-savvy members. While these sponsorships may provide financial rewards and access to worldwide audiences, they also pose risks due to volatility, regulatory uncertainty, and public image.

Athlete partnerships, on the other hand, can help cryptocurrency companies increase brand visibility, expand their reach, and engage sports consumers. As the crypto market and sports industry expand, cryptocurrency sponsorships are projected to remain a prominent part of the endorsement landscape, with NFTs playing a more significant role in the future.

To establish effective and mutually beneficial partnerships in this dynamic and inventive field, athletes and crypto companies must carefully traverse the nuances of the crypto space.

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Beyond the Hype: Evaluating the Long-Term Viability of Crypto Sponsorships

In recent years, cryptocurrency has grown in popularity, with numerous businesses investigating the potential of blockchain technology and digital assets. Crypto sponsorships, in which firms utilize bitcoins to support events, sports teams, and influencers, have sparked considerable interest.

While the initial buzz surrounding these collaborations is clear, financial services professionals are looking beyond the hoopla to determine the long-term feasibility of crypto sponsorships. This article delves into the topic, evaluating the benefits and hazards of such collaborations and putting light on critical concerns for firms and investors.

The Increasing Popularity of Crypto Sponsorships

Recently, the crypto market has seen tremendous expansion, sparking growing interest from corporations in using digital assets as a kind of sponsorship. Companies from a variety of industries have attempted to tie their brands with famous cryptocurrencies and blockchain initiatives in order to tap into the large and interested crypto community. This is especially noticeable in the sports and entertainment industries, where some high-profile teams and personalities have welcomed cryptocurrency sponsorships.

The Potential Advantages

Increased Brand Exposure

Crypto sponsorships allow marketers to reach a global audience of crypto enthusiasts. These collaborations can increase brand visibility and trust by leveraging blockchain technology's transparency and decentralized nature.

Access to a Niche Market

By interacting with the crypto community, businesses may reach out to a highly particular and interested audience. In the long run, this might lead to improved client loyalty and eventual business growth.

Aligning with cryptocurrencies can position businesses as early adopters of emerging technology, generating a progressive brand image that resonates with tech-savvy consumers.

Challenges and Threats

Instability and Market Risks

Cryptocurrencies are renowned for their price instability, which makes them difficult to employ as sponsorship assets. Sudden market volatility might have a substantial impact on the sponsorship's value and generate financial uncertainty.

Uncertainties in the Regulatory Landscape

The growing regulatory landscape surrounding cryptocurrencies can be complex and ambiguous. To prevent legal and reputational problems, companies engaging in crypto sponsorships must carefully manage regulatory regulations.

Associations with certain cryptocurrencies or blockchain initiatives may subject firms to reputational risk in the event of issues or frauds using those assets.

Conversion and Liquidity concerns

Converting crypto sponsorships back into fiat currencies can be a complicated procedure that can result in liquidity concerns and additional costs.

Considering Long-Term viability

Thorough Due Diligence

Before entering into a cryptocurrency sponsorship arrangement, organizations must undertake significant due diligence on the cryptocurrency or blockchain project with which they intend to collaborate. Understanding the basics of the project, as well as team and community support, is critical for making educated decisions.

Companies should establish risk mitigation techniques in order to navigate the volatility of cryptocurrencies. Hedging tactics, price floors, and the use of stablecoins can all be used to decrease exposure to market movements.

Sponsorship Asset Diversification

Instead of depending entirely on cryptocurrency, businesses might consider diversifying their sponsorship assets to include traditional fiat-based agreements. This method can help to limit the risks connected with cryptocurrency market volatility.

A Symbiotic Relationship: The three pillars of a healthy long-term crypto sponsorship

Beyond the short-term gains, crypto sponsorships can lay the foundation for a brand's long-term viability, thanks to the strong correlation they exhibit with engagement, brand ambassadors, and community building.

1. Driving Meaningful Engagement

Crypto sponsorships, due to their unique nature, have the potential to drive meaningful and authentic engagement with the audience.

The crypto community is passionate, tech-savvy, and highly engaged. When a brand partners with a crypto project, event, or influencer that resonates with this community, it can tap into their enthusiasm and establish a genuine connection. This connection translates into higher levels of engagement, such as likes, comments, shares, and active participation in brand-related activities.

Unlike traditional advertisements that may be easily ignored, crypto sponsorships often involve interactive elements like giveaways, competitions, and interactive campaigns. These activities create a positive brand experience for the audience, making them more likely to develop a long-lasting connection with the brand.

2. Cultivating Trusted Brand Ambassadors

The power of brand ambassadors cannot be overstated. They serve as influential advocates who can significantly impact a brand's reputation and growth. Crypto sponsorships provide a unique opportunity to identify and cultivate brand ambassadors within the crypto community.

3. Fostering a Thriving Community

A vibrant and loyal community is the backbone of a successful brand. Crypto sponsorships offer a unique avenue for brands to integrate themselves into the crypto ecosystem and build a community of engaged users.

A strong community creates a feedback loop where users become invested in the brand's success. They contribute ideas, provide feedback, and even participate in co-creation, making them true stakeholders in the brand's journey. Such an engaged community is more likely to stay loyal to the brand in the long term, leading to sustained growth and success.

Case Studies: Success Stories of Crypto Sponsorships

1. Coinbase and crypto education: Cryptocurrency exchange Coinbase has partnered with educational platforms to promote crypto literacy. By sponsoring informative content and courses, they engage both newcomers and seasoned crypto enthusiasts, fostering a knowledgeable and active community of users.

2. Binance and crypto influencers: Binance, one of the world's largest crypto exchanges, collaborates with influential crypto personalities to host events and create engaging content. This strategy helps build a loyal user base while boosting the exchange's reputation within the crypto community.

3. Ethereum and developer communities: Ethereum, a leading blockchain platform, actively supports developer communities by sponsoring hackathons, conferences, and workshops. This investment in nurturing the community has led to a vibrant ecosystem of decentralized applications and projects.

Conclusion

Crypto sponsorships are unquestionably intriguing prospects for firms looking to tap into the expanding crypto ecosystem and demonstrate their innovative position. The long-term survival of such collaborations, however, is dependent on careful analysis, risk assessment, and strategic planning. As the crypto sector evolves, financial services professionals must help their clients make informed decisions that are in line with their company goals and risk tolerance.

By cutting through the hype and objectively considering crypto sponsorships, businesses can reap the benefits while avoiding potential problems, paving the road for a successful and long-term partnership with the digital asset ecosystem.

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Crypto Exchange Bitget Inks Sponsorship Deal with Juventus Women's Team

<p>Bitget, the <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" class="terms__main-term" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa" target="_blank">cryptocurrency exchange</a> endorsed by Lionel Messi, has expanded its <a href="https://www.financemagnates.com/cryptocurrency/news/juventus-inks-deal-with-bitget-as-its-first-ever-sleeve-sponsor/" target="_blank" rel="follow">partnership with the Italian football club Juventus</a> by becoming the official sponsor of the women's team. </p><p>Bitget Becomes a Juventus Women's Team Sponsor </p><p>Juventus Women is one of the top women's football teams in Italy. It won five league titles, including two Coppa Italia and three Supercoppa Italiana. The team also plays in the UEFA Women's Champions League, the pan-European football league. </p><p> The latest deal was strategic as it will help to bring the crypto exchange's branding to a mass women's football audience. </p><p> "We feel a deep affinity with Juventus Women, whose sporting achievements and spirit have rewritten the footballing record books. Sponsoring the Juventus Women's Team will bring crypto to a wider female audience and motivate women to seize the opportunities that life presents," said Bitget's Managing Director, Gracy Chen.</p><p>"We're confident that this partnership will develop into a long-running arrangement that will work to the advantage of all parties." </p><p>The Rising Popularity of Women's Football </p><p>Women's football is not as popular as men's sports, but it is growing at a tremendous pace. Stadiums are getting filled during the women's football matches. In 2020, 3.4 million women and girls played football in England, and the international football governing body, FIFA, aims to have 60 million players globally by 2026.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">More people attended the women's matches in <a href="https://twitter.com/hashtag/TheHundred?src=hash&amp;ref_src=twsrc%5Etfw">#TheHundred</a> (267,000) than attended the T20 World Cup in Australia in 2020 (136,000).That makes it the best attended women's cricket event, anywhere in the world, EVER.Astonishing.</p>— Raf Nicholson (@RafNicholson) <a href="https://twitter.com/RafNicholson/status/1429749329502277635?ref_src=twsrc%5Etfw">August 23, 2021</a></blockquote><p>Juventus Women was founded in 2017, and the team has already built a solid fan base. The team's social media presence is enormous: it has more than 276,000 followers on Instagram and 145,000 on Twitter, while on Facebook, the count is only 49,000.</p><p><a href="https://www.financemagnates.com/cryptocurrency/bitget-opens-in-seychelles-wants-to-double-staff-globally/" target="_blank" rel="follow">Bitget </a>did not elaborate on the scope of the sponsorship deal. However, if it aligns with the terms of the deal with Juventus' first team, then the crypto exchange will put its logo on the sleeves of the Juventus Women's team. </p><p>Initially, Bitget inked a sponsorship deal with the first team of Juventus in September 2021 and then extended it last year to continue <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-exchange-bidget-continues-to-sponsor-juventus-for-another-year/" target="_blank" rel="follow">sponsoring the team throughout the 2022-23 playing season</a>. Moreover, the crypto exchange onboarded Argentinian football star <a href="https://www.financemagnates.com/cryptocurrency/leo-messi-becomes-bitget-crypto-exchange-ambassador/" target="_blank" rel="follow">Lionel Messi as its brand ambassador.</a></p><p>On top of that, the exchange sponsored the <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-exchanges-bitget-becomes-sponsor-of-galatasaray/" target="_blank" rel="follow">Turkish football club Galatasaray</a> for the 2021-2022 season but did not extend that deal beyond that period. </p><p>"We are thrilled to partner with Bitget and share their commitment to promoting gender equality and empowering women in all industries, be it sports or digital technologies," said Tiziana Di Gioia, the Chief Commercial Officer of Juventus. "As a leading football club, we know how important it is to provide equal opportunities for everyone, and we are proud to be associated with a company that shares our values."</p> This article was written by Arnab Shome at www.financemagnates.com.

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Coinbase Enters European Football, Becomes BVB Sponsor

<p>Coinbase has deepened its presence in the sports industry through its <a href="https://www.financemagnates.com/cryptocurrency/is-crypto-taking-over-sports-sponsorship/" target="_blank" rel="follow">sponsorship deal</a> with the German football club giant Borussia Dortmund (BVB). The two inked the deal last year in July but officially announced it only recently.</p><p>Coinbase Becomes BVB Sponsor</p><p>The crypto exchange's EMEA Regional Managing Director, Daniel Seifert, told local news outlet Handelsblatt that Coinbase is expanding its deal with the German <a href="https://www.financemagnates.com/forex/brokers/exclusive-roboforex-inks-sponsorship-deal-with-perus-football-club-cienciano/" target="_blank" rel="follow">football club </a>giant. Earlier, Coinbase advertisements were displayed on video screens during the club's home game. Additionally, it ran workshops on crypto for BVB employees.</p><p>Now, with the enhanced terms, advertisements of the crypto exchange on the stadium and promotions on all other <a href="https://www.financemagnates.com/terms/m/marketing/" class="terms__main-term" id="48d4594c-de24-47ac-9f1b-aa2e0da8374a" target="_blank">marketing</a> channels of the club will be expanded. The logo of the crypto exchange will be displayed on the perimeter of the club's home ground, Signal Iduna Park, which has a capacity of 81,365.</p><p>However, the partnership is only effective until June, the end of the ongoing play season.</p><p>"The industry is highly exciting, but still new. We, therefore, want to keep the flexibility open," said BVB's Managing Director, Carsten Cramer (translated from German).</p><p>Check out the latest FMLS22 interview with Coinbase's Director of EMEA Business Development, Lory Kehoe.</p><p>BVB Is a Club with a Rich History</p><p>Ballspielverein Borussia 09 e. V. Dortmund, commonly known as Borussia Dortmund, is one of the top football clubs in Germany, as well as in Europe. Based in Dortmund, the club was established in 1909 and has won several domestic and international titles over the years.</p><p>Coinbase's partnership with the club looks to be strategic as it will benefit from the club's popularity and its mass fan following all over Europe. Moreover, the club has an extensive social media presence, with more than 15 million people liking its Facebook page and 17.3 million followers on Instagram. Any promotions on the club's physical or digital infrastructure will catch the eyeballs of hundreds of millions of football fans as these matches receive global telecast.</p><p>A Strategic and Cautious Deal</p><p>The sponsorship deal came when Coinbase expanded its presence outside the United States, especially in Europe. It received authorization from Germany's BaFin in 2021 for providing cryptocurrency custody services and received regulatory approval in <a href="https://www.financemagnates.com/cryptocurrency/news/coinbase-boosts-european-presence-receives-regulatory-approval-in-italy/" target="_blank" rel="follow">Italy </a>and the <a href="https://www.financemagnates.com/cryptocurrency/news/coinbase-expands-european-presence-obtains-regulatory-approval-in-the-netherlands/" target="_blank" rel="follow">Netherlands</a> last year.</p><p>The company's partnership with the German club is its first foray into the football field. However, sports deals are familiar for the exchange. Last year, it closed a major multi-year deal, becoming the exclusive cryptocurrency platform partner of the NBA in the US.</p><p>Meanwhile, Coinbase recently <a href="https://www.financemagnates.com/cryptocurrency/coinbase-stops-operations-in-japan-due-to-market-volatility/" target="_blank" rel="follow">stopped its operations in Japan</a>, citing market <a href="https://www.financemagnates.com/terms/v/volatility/" class="terms__secondary-term" id="7fd330d9-8855-4c31-9770-cb52b328c117" target="_blank">volatility</a>. On top of that, the crypto exchange reached a $100 million settlement with the New York regulator for anti-money laundering failures. Last November, the German financial market regulator ordered Coinbase to<a href="https://www.financemagnates.com/cryptocurrency/news/germanys-bafin-orders-coinbase-to-improve-organizational-deficiencies/" target="_blank" rel="follow"> ensure "proper business organization</a>."</p><p>Furthermore, the German football club highlighted that it was cautious in entering into a deal with the cryptocurrency company. "As a listed association, we have imposed special requirements. Coinbase's Bafin license was a basic requirement for cooperation," BVB's Cramer said. "We did not get on the most tempting offer. For us, reliability was in the foreground."</p> This article was written by Arnab Shome at www.financemagnates.com.

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Can FTX's Sports Partners Be Held Accountable for Bankman-Fried's Alleged Fraud?

<p>Sam Bankman-Fried established a massive shady business empire with crypto exchange FTX, Alameda Research and more than 130 affiliates. Now with the collapse, FTX is facing four civil lawsuits apart from the probes and investigations launched by the government regulators in the US and the Bahamas. </p><p>The collapse of FTX has also become a nightmare for its partners. Several of its ambassadors and sports partners are now facing legal action for their endorsement of the <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" target="_blank" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa_1" class="terms__main-term">cryptocurrency exchange</a>. The Golden State Warriors, the reigning National Basketball Association champions who inked a deal with FTX last December, has been named in two lawsuits against <a href="https://www.financemagnates.com/tag/ftx/" target="_blank" rel="follow">FTX</a>.</p><p>Steph Curry, the most famous player of the Golden State Warriors, has also been named in one of them.</p><p>The first class-action lawsuit against FTX was filed in mid-November by Florida-based Edwin Garrison, only a few days after the alleged wrongdoings of Sam Bankman-Fried and FTX surfaced. Filed in a US court, the lawsuit named the former CEO of FTX, <a href="https://www.financemagnates.com/cryptocurrency/blockfi-sues-sam-bankman-fried-over-robinhood-stock-collaterals/" target="_blank" rel="follow">Bankman-Fried</a>, the Golden State Warriors' most popular player Steph Curry, a football star, Tom Brady, supermodel Gisele Bundchen, comedian Larry David, and several other celebrity endorsers.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Here's everyone named in the FTX class action suit. Big names include Tom Brady, Gisele Bündchen, Kevin O'Leary, David Ortiz, Steph Curry and the Golden State Warriors, Shaquille O'Neal, Naomi Osaka, Larry David and former FTX CEO Sam Bankman-Fried <a href="https://t.co/n9Q4ovGuLZ">pic.twitter.com/n9Q4ovGuLZ</a></p>— Stephanie Murray (@stephanie_murr) <a href="https://twitter.com/stephanie_murr/status/1592897414809391106?ref_src=twsrc%5Etfw">November 16, 2022</a></blockquote><p>A separate lawsuit with a much narrower scope was filed later by the Canadian citizen and Hong Kong resident, Elliott Lam, naming Bankman-Fried, the CEO of Alameda Research, Caroline Ellison and again the Golden State Warriors. Lam, who himself lost $750,000 through his FTX account, represents other victims of the <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">FTX collapse</a> as it was another class-action lawsuit.</p><p>Both these lawsuits came after the Golden State Warriors suspended all its FTX-related promotions. Other sports partners also scraped their deal with FTX following the collapse.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">We've suspended our partnership with FTX effective immediately. <a href="https://t.co/u8vQSWnAbX">pic.twitter.com/u8vQSWnAbX</a></p>— TSM (@TSM) <a href="https://twitter.com/TSM/status/1592895131514200064?ref_src=twsrc%5Etfw">November 16, 2022</a></blockquote><p>FTX also bought the naming rights of the Miami Heat's home arena last year for the next 19 years in a $135 million contract. That deal was also suspended immediately.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Miami-Dade County and the Miami HEAT have released the following statement <a href="https://t.co/iCXM8GTU97">pic.twitter.com/iCXM8GTU97</a></p>— FTX Arena (@FTXArena) <a href="https://twitter.com/FTXArena/status/1591219643183947776?ref_src=twsrc%5Etfw">November 12, 2022</a></blockquote><p>Another similar class-action lawsuit filed by Sunil Kavuri also blamed Bankman-Fried and the celebrities or public figures who promoted FTX but did not name any. The other class-action lawsuit, which was filed on November 23 by plaintiff Stephen Pierce only named FTX and Bankman-Fried, along with his inner circle, as defendants. </p><p>However, what are the legalities behind these lawsuits? Is the Golden States Warriors, or any other celebrity endorsers, even liable for FTX customers' losses?</p><p>Legality Behind the Lawsuits</p><p>"While it is not difficult to guess why Bankman-Fried is a defendant in [the] cases, the same cannot be said for the Warriors," Dr Zvi Gabbay, the Head of Capital Markets and Financial Regulation at Barnea Jaffa Lande, explained to Finance Magnates.</p><p>"The two complaints name the Warriors as defendants, but in my opinion, fail to lay the necessary foundation for holding them accountable. Indeed, the Golden State Warriors were among the many A-list celebrities and athletes who endorsed FTX and promoted it in various ways. However, in order to successfully pin legal responsibility on the Warriors, the plaintiffs need to provide at least initial indications that the Warriors were aware or should have been aware of any wrongdoing. I didn't see even a hint of such indications in both complaints."</p><p>Sports endorsements are widespread, and crypto exchanges (also now collapsed FTX) have signed high-profile celebrities, athletes and clubs. These endorsers get paid for promoting FTX, just like any other platform.</p><p>However, the scope of promotions varies. While clubs and endorsers only display the sponsors' logo, many endorsers go the extra mile to promote specific services. In the case of the Golden State Warriors and FTX, the NBA champion promoted the now-bankrupt crypto exchange as a "viable and safe way to invest in crypto."</p><p>The first class-action lawsuit by Garrison alleges that FTX offered illegal securities with its interest-bearing accounts and argued that the "misrepresentations and omissions" of celebrity endorsements prompted him to buy the illegal instruments. He further argued that though the celebrities revealed their partnerships with the exchange, they did not disclose "the nature, scope, and amount of compensation they personally received in exchange for the promotion of the Deceptive FTX Platform," which violates the US' anti-touting provisions in securities laws.</p><p>Check out the recent London Summit session about the growing scrutiny of the marketing tactics of digital assets. </p><p>The class action lawsuit filed by Lam alleges that the Warriors "reasonably should have known that all these claims… were untrue or misleading."</p><p>"When analyzing statements for their legal ramifications, it is crucial to view them in the actual context in which they were made," Dr Gabbay added.</p><p>"If I am not mistaken, this statement was made by the Warriors in an advertisement. The public is well accustomed to statements made in commercials and advertisements and takes them with a grain of salt. The statement regarding FTX's 'viability' and 'safety' was part of the endorsement and <a href="https://www.financemagnates.com/terms/m/marketing/" target="_blank" id="48d4594c-de24-47ac-9f1b-aa2e0da8374a_1" class="terms__secondary-term">marketing</a> agreement, and in my opinion, is exactly the same as car commercials promising you that the car being promoted is safe, strong, and can easily take you to the edge of a cliff overlooking the ocean, or a fast-food chain commercial promising fresh food, clean surroundings and memorable family moments. We all know that cars are not always safe and strong and fast-food chains don't always serve fresh produce in a clean environment."</p><p>These endorsement deals are known to be paid, and thus there are no direct ramifications for the endorsers. Otherwise, even the actors of any advertisement could be taken to court for faulty products.</p><p>"If the statement about FTX's 'viability' and 'safety' was made by an official Warriors representative or one of the team's star players, as part of a press conference – this may very well give rise to liability. The context of this type of statement is perceived as far more credible and reliable, and imposes on the speaker at least a basic burden of verifying the facts or disclaiming responsibility due to the lack of knowledge," said Dr Gabbay.</p><p>Actions against Celebrities</p><p>Financial market regulators have taken action against crypto endorsers before and even fined them for promoting fraudulent projects. Earlier, the US Securities and Exchange Commission (SEC) <a href="https://www.financemagnates.com/cryptocurrency/news/floyd-mayweather-endorsed-centra-tech-ico-co-founder-to-plead-guilty/" target="_blank" rel="follow">fined famous boxer Floyd Mayweather and rapper DJ Khalid</a> for endorsing the $25 million fraudulent initial coin offering (ICO) of Centra Tech. Last October, Kim Kardashian settled with the US regulator, paying $1.26 million for promoting EthereumMax.</p><p>In all of these cases, the SEC went after the celebrities for failing to disclose their financial gains from the endorsements. None were blamed for the projects being fraudulent.</p><p>"Federal securities regulations obligate anyone promoting a specific security or specific issuer to disclose his or her interests in the security and disclose any financial interests in the promotion activity," Dr Gabbay explained.</p><p>"The Golden State Warriors did not promote a specific security or a specific issuer; they promoted a financial service provider. In the same way that other NBA franchises endorsed and promoted banks, insurance companies, and credit providers, the Warriors promoted FTX. It should be noted that had the Warriors endorsed and promoted specific securities issued by FTX – they would have had to disclose their financial interest in it."</p><p>US Laws</p><p>The class action lawsuit filed by Lam is seeking damages under California consumer laws for customers outside the United States with FTX yield-bearing accounts. Though he can directly blame Bankman-Fried, his allegations against the Warriors can be strongly questioned.</p><p>Legal experts confirmed to Finance Magnates that consumer protection laws and regulations apply in endorsement and advertising deals in the US. The principle behind the rules is endorsements cannot lie in promotions, meaning they "can't motivate people to purchase goods or services based on misrepresentations."</p><p>However, there is no indication that the Golden State Warriors made any <a href="https://www.financemagnates.com/cryptocurrency/the-bahamas-will-not-share-information-on-ftx-probe-attorney-general/" target="_blank" rel="follow">false representations</a>. Also, the lawsuits could not establish the basketball team knew about the wrongdoings of FTX. Further, the Warriors did not hide their monetary interests in the deal. And, such endorsement deals are standard in the sports economy.</p><p>The United States' free speech laws also protect paid endorsers.</p><p>"The United States Supreme Court recognized 'commercial speech' as protected under the First Amendment. As a result, you are allowed to say whatever you want when you advertise, as long as you comply with consumer protection laws and any other relevant regulations and statutes that may apply, depending on the subject matter," Dr Gabbay said.</p><p>The Crypto Deals Won't Be the Same</p><p>The legal arguments favor the Golden State Warriors and other athletes and celebrities in the two class action lawsuits. However, sports sponsorship deals might change entirely with the collapse of FTX.</p><p>FTX, valued at $34 billion before the collapse, was one of the deep-pocket spenders in the sports field. Its endorsements might not face legal ramifications, but they cannot avoid reputational damages.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">FTX US Partners:- Major League Baseball- Mercedes - AMG Petronas F1- FTX Arena & Miami HEAT- Tom Brady- Kevin O'Leary- Shaquille O'Neal- Gusele Bundchen- Stephen Curry- Golden State Warriors- Trevor Lawrence - David Ortiz</p>— zk-?? (@ZK_shark) <a href="https://twitter.com/ZK_shark/status/1591119623394557984?ref_src=twsrc%5Etfw">November 11, 2022</a></blockquote><p>"I think that the FTX failure is an important focal point in the development of the crypto industry," Dr Gabby added.</p><p>"FTX enjoyed a very positive reputation, and its collapse destroyed the little trust that still remained among the crypto-investing community. No reputable business or sports franchise will want to endorse service providers and issuers in this industry until trust is restored. This will take time, and will undoubtedly require regulatory supervision. Until that happens, businesses that don't have to associate themselves with crypto – won't do so."</p> This article was written by Arnab Shome at www.financemagnates.com.

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Mercedes F1 Puts FTX's Sponsorship Deal on Hold, Drops Logo from Cars

<p>Mercedes Formula 1, the international racing team of German luxury car manufacturer Mercedes-Benz, has suspended its sponsorship deal with the beleaguered Bahamas-based cryptocurrency exchange, FTX.</p><p class="MsoNormal">The news comes as FTX on Friday announced that it has <a href="https://www.financemagnates.com/cryptocurrency/troubled-ftx-files-for-bankruptcy-as-ceo-bankman-fried-resigns/" target="_blank">filed for bankruptcy protection</a> in the United States for the FTX Group which includes FTX.com, FTX.US, Alameda Research and over 130 affiliated companies.</p><p class="MsoNormal">In September last year, FTX <a href="https://www.financemagnates.com/cryptocurrency/news/ftx-signs-long-term-partnership-with-mercedes-amg-petronas-formula-one-team/" target="_blank">signed a long-term partnership deal</a> with the racing team. The deal covered the inclusion of the FTX logo on both cars and drivers of the racing teams as well as on other facilities. However, a team spokesperson on Friday said the team will be dropping the crypto exchange’s logo from its cars and other branded assets starting this weekend. The team will continue to closely watch how things evolve, the spokesperson added.</p><p class="MsoNormal text-align-justify">Sports Deals in Jeopardy? </p><p class="MsoNormal">When FTX was in <a href="https://www.financemagnates.com/cryptocurrency/news/ftxs-2021-revenue-jumped-1000-to-1-billion/" target="_blank">good financial standing</a>, the crypto exchange was big on crypto sports deals. In March 2021, the exchange signed a $135 million contract to purchase the naming rights of the American professional basketball team Miami Heat’s home arena.</p><p class="MsoNormal">The exchange also signed as a naming right sponsor of the American mixed martial arts Ultimate Fighting Championship for 10 years in a deal estimated at about $17.5 million deal. Additionally, FTX in July 2021, signed a five-year deal with Major League Baseball to feature patches of its logo on the league’s umpires. </p><p class="MsoNormal">Later in August, the crypto exchange secured naming rights to UC Berkeley Football Stadium in its first college sports deal. Under the 10-year deal, which was sealed at $17.5 million, the college’s football stadium was renamed “FTX Field”.</p><p class="MsoNormal text-align-justify">What becomes of these deals and others the troubled cryptocurrency exchange signed will likely unfold in the months ahead. However, Matt House, the CEO of SportQuake, an agency that has brokered a number of high-profile sports-sponsorship deals, <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank">told Finance Magnates</a> during the week that there will be no immediate financial problem to rights owners if their payment terms for the current financial year were good or paid in advance. </p><p class="MsoNormal text-align-justify">But "they will have big problems if they weren't and are now out of pocket," House said. "Medium-term rights owners will need to scramble around and replace FTX. Most FTX sponsorship assets are blue-chip, so they will recoup in time, but in the short term it will be a hassle for sure," House added.</p><p class="MsoNormal text-align-justify">Meanwhile, a representative of Miami-Dade County told Front Office Sports on Friday that it will consider legal options should FTX fail in its obligations on the deal with Miami Heat.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

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English Premier League Looking at a £30M NFT Deal with Sorare

<p>England's top football clubs are considering inking a £30 million a year non-fungible token (NFT) deal with French cryptocurrency startup Sorare.</p><p>According to a Sky News report, the Premier League held talks with 20 clubs that compete in the year-long league and have discussed the possibility of a multi-year deal with the crypto startup that can be confirmed in the coming weeks.</p><p>Though officially unconfirmed, the <a href="https://www.financemagnates.com/tag/nfts/" target="_blank">NFT</a> deal is said to be around static images of football players playing in the top English league. It could include top players like Tottenham Hotspur's Harry Kane, Manchester City's Erling Haaland, and Antony of Manchester United. These individual players and clubs have hundreds of millions of followers.</p><p><a href="https://www.financemagnates.com/terms/b/blockchain/" target="_blank" id="be18ed01-45fc-4044-b447-06802a10dbcd_1" class="terms__main-term">Blockchain</a>-based NFTs, which enable fans to have the original piece of art or any other media, have become very popular in sports. Several clubs and players have launched their own lineups of NFTs for enhanced fan engagement.</p><p>Targeting Sports Fans</p><p>Founded in late 2018, Sorare developed a fantasy football platform based on NFTs. It allows players of its fantasy league to buy and sell cards from other players and sold more than $100 million worth of its limited edition trading cards last year.</p><p>In its last <a href="https://www.financemagnates.com/terms/f/funding-round/" target="_blank" id="d08fbe2e-fff7-405c-9466-eaaa94820467_1" class="terms__secondary-term">funding round</a> led by Softbank, the company <a href="https://www.financemagnates.com/cryptocurrency/news/sorare-raises-680-million-in-series-b-round-led-by-softbank/" target="_blank">scored $680 million</a> at a valuation of $4 billion. It is also backed by famous football players like Kylian Mbappe and Rio Ferdinand.</p><p>However, Sorare is not the only crypto startup to tap this sports market. Another company, <a href="https://www.financemagnates.com/cryptocurrency/news/lionel-messi-inks-multi-year-partnership-with-socioscom/" target="_blank">Socios</a> has already inked deals with several top football clubs, helping them to launch tokens and NFTs for fan engagement.</p><p>Now, several deep-pocket crypto companies have even become prominent sponsors of football teams. The <a href="https://www.financemagnates.com/cryptocurrency/news/manchester-united-inks-20m-deal-with-blockchain-platform-tezos/" target="_blank">Tezos</a> brand is labeled on the training kit of Manchester United, while its local rival Manchester City added <a href="https://www.financemagnates.com/cryptocurrency/news/manchester-city-onboards-crypto-exchange-okx-as-sponsor/" target="_blank">OKX as a sponsor</a>.</p><p>The report outlined that the Premier League's interest in Sorare came after another similar deal with ConsenSys which failed to materialize earlier this year. Meanwhile, a separate deal between Premier League and Dapper Labs is under discussion.</p> This article was written by Arnab Shome at www.financemagnates.com.

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Leo Messi Becomes Bitget Crypto Exchange Ambassador

<p class="MsoNormal">Bitget, a major cryptocurrency platform, announced on Monday that it had signed a partnership agreement with Lionel (Leo) Messi, one of the most popular football players worldwide and a holder of record-breaking Ballon d'Or Awards. </p><p class="MsoNormal">According to the press release, the partnership will allow Messi fans to explore the potential of cryptocurrency trading and Web3 opportunities. For Messi, the recipient of six European Golden Shoes, it is not a first encounter with the crypto world. In March 2022, he inked a multi-year partnership with <a href="https://www.financemagnates.com/cryptocurrency/news/lionel-messi-inks-multi-year-partnership-with-socioscom/">Socios.com</a>, a fan token platform.</p><p class="MsoNormal">“We try to reflect the diversity and richness of our platform community in the partnerships we choose. We open up Web 3 to sports fans; they open the field to crypto traders. As the Football World Cup approaches, Messi is to lead Argentina to new glory. We are honoured to have such a force of nature collaborate with us,” Gracy Chen, the Managing Director of Bitget commented.</p><p class="MsoNormal">For Bitget, it is not the first time sport meets crypto. The <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" target="_blank" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa_1" class="terms__main-term">cryptocurrency exchange</a> established in 2008 is currently sponsoring the Italian football club, Juventus F.C. In August, the company <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-exchange-bidget-continues-to-sponsor-juventus-for-another-year/">informed</a> it is extending its current partnership for another year.</p><p class="MsoNormal">Bitget’s adventure with football did not stop with Leo Messi or Juventus, as it inked a sponsorship deal with <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-exchange-bidget-continues-to-sponsor-juventus-for-another-year/">Galatasaray</a>, the Turkish football club, in February 2022.</p><p class="MsoNormal">Sports Sponsorship Helps Crypto Firms Build Brand Awareness</p><p class="MsoNormal">The popularity of sponsorship deals among trading companies mainly contracts for difference (CFDs) brokers, <a href="https://www.financemagnates.com/cryptocurrency/is-crypto-taking-over-sports-sponsorship/">now also crypto platforms and exchanges</a>, clearly show that their <a href="https://www.financemagnates.com/terms/m/marketing/" target="_blank" id="48d4594c-de24-47ac-9f1b-aa2e0da8374a_1" class="terms__secondary-term">marketing</a> departments are eagerly showering money on promotional campaigns, including popular brands and athletes. </p><p class="MsoNormal">Some even think the crypto industry is taking the niche over, <a href="https://www.financemagnates.com/forex/rising-crypto-sports-sponsorships-are-fx-brands-still-in-the-game/">pushing the CFD brands back</a>. 10 years ago XTB logo could be found on <a href="https://www.financemagnates.com/forex/brokers/xtb-is-on-a-roll-interview-with-ceo-jakub-zablocki/">Vodafone Mercedes F1 racing team cars</a>. However, a decade has passed, and while retail brokers are still visible on the sports sponsorship scene, the biggest deals are taken by crypto companies.</p><p class="MsoNormal">Back in 2021, leading cryptocurrency trading platforms, Crypto.com and FTX invested $1 billion into the world of sports. FTX inked a $135 million deal for <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-exchange-ftx-expands-base-to-miami-as-us-demand-rises/">Miami Heat Arena</a>. Crypto.com paid $175 million to secure a decade-long agreement with the <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-com-signs-175-million-sponsorship-deal-with-ufc/">Ultimate Fighting Championship</a> (UFC), a mixed martial arts (MMA) organization.</p> This article was written by Damian Chmiel at www.financemagnates.com.

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Liverpool FC Strengthens Collaboration with Sorare

<p>Liverpool FC, one of the biggest global football clubs, and Sorare, a <a href="https://www.financemagnates.com/tag/blockchain/" target="_blank">blockchain</a>-based football gaming and non-fungible token platform, have recently announced the expansion of their partnership. Through the collaboration, Liverpool FC and Sorare will release new unique experiences for the football fans.</p><p>The English football club initially developed a collaboration with the blockchain firm in 2021. According to the details shared by Liverpool FC, the club’s players will continue to be available as digital cards in Sorare’s fantasy game.</p><p>Commenting on the latest announcement, Ben Latty, commercial director at Liverpool FC, <a href="https://www.liverpoolfc.com/news/liverpool-fc-expands-current-partnership-sorare" target="_blank">said</a>: “At Liverpool Football Club, we’re always striving to pioneer new technologies for our supporters, with the aim of enhancing their fan experience and making them feel as connected as possible to this club. We’re thrilled to extend our partnership with Sorare and go further in bringing exciting new initiatives to our fans.”</p><p>Blockchain and Sports</p><p>The use of blockchain technology in sports has increased significantly in the past few years. As a result, global venture capital firms poured millions into fantasy gaming and NFT companies recently. In September 2021, Sorare <a href="https://www.financemagnates.com/cryptocurrency/news/sorare-raises-680-million-in-series-b-round-led-by-softbank/" target="_blank">raised $680 million in its Series B</a> funding round.</p><p>Michael Meltzer, head of business development at Sorare, added: “Liverpool FC is one of the world’s most iconic and prestigious clubs; a footballing juggernaut with unparalleled history and one of the largest and most passionate fanbases in the sport.”</p><p>“We’re beyond excited to expand our partnership with such a historic club that is just as committed to innovating to bring authentic experiences to their fans as we are,” Meltzer added.</p> This article was written by Bilal Jafar at www.financemagnates.com.

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Crypto Firms Spent Over $3B on Sports Ads, Research Shows

A study conducted by Safe Trafe Binary Options shows crypto firms are eyeing this sector to harness a new generation of investors, spending over $3 billion dollars this year alone. (Read More)

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Crypto Companies Seek To Overcome The Crisis By Investing In Sports Sponsorships

The crypto industry is competing for million-dollar investments in sports against traditional brands including sportswear companies, soft drink companies, etc.

Continue reading Crypto Companies Seek To Overcome The Crisis By Investing In Sports Sponsorships at DailyCoin.com.

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Crypto.com Pulls Out UEFA Champions League of $495m Sponsorship Deal

Crypto exchange Crypto.com has dropped out of the deal to sponsor UEFA Champions League football competition. (Read More)

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