Cryptocurrency startups have signed approximately 87 sports sponsorship deals over the past three years as web3 firms target mainstream adoption and global exposure.
Research conducted by data provider CoinGecko discovered that most of the partnerships were established with European football clubs. According to the report, crypto businesses and soccer teams have reached 33 sponsorship agreements since 2021.
Establishments like Manchester United and Chelsea Football Clubs have provided global exposure for crypto sponsors. Events like the UEFA Champions League and FIFA World Cup attract billions of viewers worldwide. The motorsports industry was another major arena for crypto partnership deals. Before its collapse, crypto exchange FTX signed a multi-year contract with the Mercedes Formula 1 team.
In 2022, Bybit and Red Bull Racing announced a $150 million deal. F1 also named Crypto.com as its official digital asset partner in a separate $100 million agreement. The two deals were finalized roughly a year apart.
Cryptocurrency firms aiming for global recognition have also invested in the esports sector. FTX spent $210 million on Team SoloMid in 2021, while major players like Coinbase have also committed to similar promotional deals.
Other sports sectors such as basketball, competitive combat, baseball, American football, and cricket have also engaged in business with crypto service providers seeking to reach larger audiences.
Notable, the report stated that most of the marketing collaborations happened in 2024. Resurging crypto prices, surging Bitcoin (BTC) adoption, and shifting political headwinds have encouraged more institutional crypto players to invest in expanding reach.
It remains difficult to measure how effective these campaigns have been and how promoting digital assets in sports has impacted crypto’s bottom line. However, recent trends suggest that web3 firms could deploy more capital toward marketing in the sports sector.
