Despite the bear market of the last few months that has wiped out almost all of the profits from digital asset trading firms, the bet is still on.
The crypto industry is competing for million-dollar investments in sports against traditional brands including sportswear companies, soft drink companies, car manufacturers, and others.
The companies seek to reach new audiences in the market and spread the use of cryptocurrencies among sports fans.
The bet on sports sponsorships by big global cryptocurrency trading companies continues despite the crypto winter that has evaporated around two-thirds of the market value of cryptocurrencies this year.
Since last year, crypto industry giants such as Binance, Coinbase (NASDAQ:COIN), Crypto.com, and FTX have launched an aggressive marketing strategy linked to sports. The goal is to try to match the investment made by other prestigious traditional brands in this sector.
In the last 18 months, investment in sports sponsorships by crypto companies...
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