For fans of professional sports, the insistent overtures from the crypto industry have become almost impossible to miss: The names of exchanges and blockchain companies are emblazoned on team jerseys, plastered on stadiums, and beckoning from halftime TV commercials. They’re talked up by prominent players who enjoy lucrative endorsement deals.
This nascent band of businesses has moved aggressively since last year to match the advertising muscle of beer brands, carmakers, telecom service providers, and other stalwart sports sponsors.
Binance Holdings Ltd., based in the Cayman Islands, has signed contracts with soccer icon Cristiano Ronaldo and the Africa Cup of Nations tournament. Coinbase Global Inc. has struck agreements with the National Basketball Association and top star Kevin Durant. FTX in the Bahamas has arrangements with Major League Baseball and franchises ranging from the NBA’s Miami Heat to e-sports squad TSM. Even the Drone Racing League is getting crypto money.
