Cryptocurrency companies poured billions of dollars into sports sponsorships in 2021 — but this year’s downturn has made the flood of cash dry up, The Post has learned.
As a so-called “crypto winter” takes hold and companies look to trim costs, firms that splurged heavily on sports deals last year are now looking to cut costs.
Crypto exchange FTX — which shelled out $135 million to rename the home of the Miami Heat in March 2021 — pulled out of talks to provide a jersey patch to the MLB’s Los Angeles Angels in recent weeks as the crypto market tanked, sources with direct knowledge told The Post.
Another patch deal between the NBA’s Washington Wizards and a crypto company also recently fell through, the sources said.
Both deals were nixed as the market crumbled, the sources said. The Washington Wizards patch had been seen as particularly desirable for crypto companies since the politicians and regulators who oversee the space attend their games.
The Angels declined to comment. FTX...
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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...