Cryptocurrencies Are On Their Way To Become Top Sponsors Of Sports

By Kapil Gauhar

Cryptocurrency companies are poised to become the largest sector to start investing as sponsors in sports, most notably club football. With the end of the 2018 FIFA World Cup in Russia, the focus of football enthusiasts has moved back to club football and cryptocurrency firms are out to grab eyeballs and promote their own brands by pumping money into the field.

Ever since Google and Facebook began to reject crypto ads in the wake of a series of scams, the digital currency firms have turned their attention towards major footballers and clubs like Lionel Messi and Arsenal, in order to secure their endorsements.

Arsenal, a major house in English club football, has put their signature on a deal with CashBet, an American virtual currency firm, for an amount that has not yet been made public. The deal is expected to popularize the Initial Coin Offering of CashBet and was the first major collaboration between a leading club and a crypto group.

Wolverhampton Wanderers have also signed a deal with CoinDeal, a Polish cryptocurrency firm, with the understanding that the footballers will wear the logo of the crypto brand on their shirts.

James Rodriguez of FC Bayern Munich, has launched his very own cryptocurrency brand. His token, called the JR10 token has been made available for buying via the use of an app called the SelfSell. It is on its way to becoming the first individual footballer to do so.

In addition to these instances, the collaboration between the worlds of sports and virtual currencies have kept becoming stronger, with further examples to choose from. Eden Hazard of Belgium, for example, has begun to promote the cryptocurrency brand, SOC, of the All Sports Chain. This collaboration has even been publicized on Twitter when the brand congratulated its star endorser. Hazard replied saying that he was happy that he was a part of the larger SOC family and the public got a glimpse into the strength of the endorsement.

However, football clubs aren’t the only stakeholders in this field. Floyd Mayweather, a renowned boxer in the States, was seen using Twitter to promote the ICO of Sox.com that managed to raise $33 million in August 2017.