In recent years, companies in the crypto value chain have invested heavily in sports for their visibility. Investments in strong growth currently, which should grow more over the next few years, according to researchers. Moreover, studies predict that crypto companies will inject $ 5 billion in partnerships with sports entities, by 2026. Motorsport is one of the areas that capture the most investment from crypto companies.
The team cuts ties with the crypto exchange
On Friday, Mercedes, the famous Formula 1 team, announcement the suspension of its partnership agreement with FTX. A decision that comes as the crypto exchange works to raise several billion dollars to avoid bankruptcy. He experienced a severe liquidity crisis which eroded the price of his token native, the FTT. The situation has also affected all the companies of which FTX is the parent company.
“We have suspended our partnership agreement with FTX. This means that the company will no longer appear on our race cars and other assets from the Sao Paulo Grand Prix [qui vient de s’achever au Brésil, Ndlr] »has declared a team spokesperson.
Many deals…
Recall that the agreement between the two parties was signed last year. For Mercedes, the partnership involved, among other things, the creation of a collection of NFTs for fans. FTX has several deals of this type in the field of sports. Among other things, in addition to the multi-year deal with Mercedes, he reached a $135 million deal to rebrand the Miami Heats’ NBA arena as FTX Arena, through 2040.
The crypto exchange is also a premier partner of Major League Baseball.
FTX is not the only crypto exchange to have exposed itself to the sports world to gain visibility. In early November, Crypto.com reached 70 million users worldwide. Company officials said the growth in adoption of the exchange has been driven by strategic deals with the sports world. The same goes for Bybit. In early 2022, he signed a $150 million partnership with F1 team Red Bull. There is also OKX, which has a $20 million deal with Manchester City, etc.
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