Eminem voices new Crypto.com promo—are celebrity crypto sponsorships back?

Since FTX’s unraveling, promoting crypto in exchange for a generous salary has become outdated. But in what could be the first sign of a crypto sponsorship renaissance, Eminem is making his voice heard on Crypto.com.

“You always know what it is,” the rapper wrote. Publish on Xshares the ad, which features a video narration of a fighter preparing for a match. According to The Block, the ad will debut at Saturday’s Lakers-Nuggets playoff game at the Crypto.com Arena in Los Angeles and will also be shown at upcoming sporting events such as the Formula 1 Miami Grand Prix and a UFC fight.

The rapper’s post was accompanied by the crypto exchange’s slogan “#FFTB”, which translates to “fortune favors the brave.” Crypto.com is known for attracting A-list partnerships. Actor Matt Damon previously appeared in a Crypto.com commercial with the same slogan and made his own episode-long joke in South Park following FTX’s 2022 collapse. The exchange also teamed up with football club Paris Saint-Germain and acquired the naming rights to Staples Center, now known as Crypto.com Arena, in a 20-year deal worth $700 million.

“Crypto.com has become one of the most recognized global brands by partnering with iconic people, places and events,” said CMO Steven Kalifowitz, and the latest ad “reiterates our deep belief in our industry and the community that responsibly builds it.” An idiom.

The Singapore-based platform, which has over 80 million users, offers retail investors a trading exchange, non-custodial wallet, NFT marketplace and direct payment service for cryptocurrencies. But amid the market crash of 2022, Crypto.com was publicly burned and its sports sponsorships were scaled back, including Los Angeles Angel City Football Club, the 2022 FIFA World Cup in Qatar, and esports tournament host Twitch Rivals. , Ad Age reported. It will also lay off 40% of its staff in 2022 and 20% in 2023.

Some X users expressed their disapproval of Eminem’s latest partnership. “L for reintroducing cryptocurrency,” one person said he tweeted. “I’m not shorting crypto and the NFL. You don’t know how sick you make me,” said another. Additional.

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That’s because the promotion of cryptocurrencies and related products has largely fallen out of favor since former FTX CEO Sam Bankman-Fried defrauded customers of billions of dollars and the exchange filed for bankruptcy, with claimants still awaiting repayment.

In November 2022, a group of FTX investors filed a class-action lawsuit against a handful of celebrities, including Larry David, Tom Brady, Shaquille O’Neal, the Golden State Warriors, and Naomi Osaka, who supports the cryptocurrency exchange, accusing them. civil conspiracy, misleading advertising and endorsement of unregistered securities.

This story first appeared on Fortune.com