Crypto firmsstruck 33 deals with football clubs since 2021

Cryptocurrency startups have signed around 87 sports sponsorship deals in the past three years as web3 firms aim for mainstream adoption and global visibility.

Research conducted by data provider CoinGecko discovered that most of the partnerships were with European football clubs. According to the report, crypto businesses and football teams have reached 33 sponsorship deals since 2021.

Organizations like Manchester United and Chelsea Football Clubs have given crypto sponsors global visibility. Events like the UEFA Champions League and FIFA World Cup attract billions of viewers worldwide. The motorsports industry was another major arena for crypto partnership deals. Before its collapse, crypto exchange FTX signed a multi-year deal with the Mercedes Formula 1 team.

Crypto sports sponsorships since 2021 | Source: CoinGecko

In 2022, Bybit and Red Bull Racing announced a $150 million deal. F1 also named Crypto.com its official digital asset partner in a separate $100 million deal. The two deals were finalized about a year apart.

Cryptocurrency companies aiming for global recognition have also invested in the esports sector. FTX spent $210 million on Team SoloMid in 2021, and major players like Coinbase have also committed to similar promotional deals.

Other sports sectors such as basketball, competitive fighting, baseball, American football, and cricket are also doing business with cryptocurrency service providers looking to reach wider audiences.

Crypto sports sponsorships since 2021 | Source: CoinGecko

Notably, the report notes that most of the marketing collaborations are occurring in 2024. Resurgent crypto prices, increasing Bitcoin (BTC) adoption, and shifting political headwinds have encouraged more institutional crypto players to invest in expanding access.

It’s still difficult to gauge how effective these campaigns are and how the promotion of digital assets in sports impacts cryptocurrency profits, but recent trends suggest that web3 companies could be allocating more capital to marketing in the sports sector.