As the latest cryptocurrency hype-cycle peaked in 2021, two exchanges that had grown rapidly in just a few years decided to put their names on pro sports stadiums. FTX secured naming rights to the Miami Heat basketball team’s stadium in March 2021 in a reported $135 million, 19-year deal. Crypto.com took an even bigger swing, committing $700 million for 20 years’ worth of naming rights for the former Staples Center, iconic home of the L.A. Lakers, in November 2021.
If those immense financial commitments were made based on assumptions of continued steady growth, the numbers might not be looking so great anymore. And while FTX at least appears financially solid, it’s still unclear whether all of the damage from the crypto-credit bubble burst by Three Arrows Capital has been revealed.
As I wrote at the time, these deals resembled certain prestige-chasing stadium naming deals that came at the height of the dot-com boom: Enron Field and CMGI Field didn’t last very long. History could...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...