If you’re an avid sports fan, you’ve probably noticed a new type of advertisement popping up on courtside screens and athletes’ social media accounts in recent months. A recent Bloomberg analysis shows that cryptocurrency companies are flooding the sports world with sponsorship funds.
“Cryptocurrency companies have committed more than $2.4 billion to sports marketing in the past 18 months,” Bloomberg reported.
The article noted that a wide variety of leagues, teams and individual players have benefitted from the sponsorship bonanza. The Dallas Cowboys, Golden State Warriors and New York Yankees all have cryptocurrency deals, as do Kevin Durant and Cristiano Ronaldo. Crypto.com was a leading sponsor of this year’s Formula One Grand Prix in Miami.
“Even the Drone Racing League is getting crypto money,” Bloomberg reported.
These sponsorships and advertisements seek to get more people involved in cryptocurrency markets, which, as it stands, draw in a small share of U.S. adults. A...
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