Crypto Sports Sponsorships Are Heating Up (Again)

Dogecoin sponsored NASCAR driver Josh Wise in 2014 as crypto prices soared.

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In 2014, the world of professional sport had an injection of cash from the most unlikely source.

Flush with cash as bitcoin neared $1,000 for the first time, crypto companies and communities raced into the world of sports sponsorships.

The Jamaican bobsleigh team made it to the Sochi Winter Olympics after raising $30,000 in Dogecoin, the St. Petersburg Bowl in Florida was rebranded the “Bitcoin” St. Petersburg Bowl by crypto exchange BitPay, and the Dogecoin community on Reddit also raised $55,000 in tokens to wrap the car of NASCAR driver Josh Wise.

Globally, sport sponsorship is a $40 billion industry, and for crypto getting involved makes a lot of sense. Most tokens aren’t underpinned by assets or a store of value, so instead driving awareness and interest is primarily what supports their value.

But after a flurry of action in 2014, the boom of crypto sponsorships in the world of sport ended. As the price of bitcoin tanked at the end of that year, the sponsorship money dried up and tokens would spend the next few years recovering from the decline, until now.

2018’s crypto sponsorship boom

Flush with cash from 2017’s bull market, crypto sports sponsorships are again suddenly back in vogue.

U.S. gaming token CashBet kicked off the year in January by signing a sponsorship deal for an undisclosed amount with top-tier Premier League soccer club Arsenal, a deal which saw CashBet’s ICO promoted on pitch side in LED ads.

In July crypto

Keep reading this article on Forbes Business.

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