From the NBA to Formula 1, digital-asset companies are continuing to press into sports advertising, despite the slump in virtual currencies.
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(Bloomberg) — If you’re a fan of the Chelsea football team, then you might have already spotted a curious little whale on the sleeves of Raheem Sterling and his teammates. The unassuming logo is part of a £20 million ($23 million)-a-year deal between the soccer club and the cryptocurrency platform WhaleFin. And it’s a big departure from the team’s previous sponsor Hyundai Motor, whose brand logo was featured on Chelsea jerseys for years.
Crypto companies have spent more than $2 billion on sports advertising around the world. The NBA, Major League Baseball, Formula 1, and even the Drone Racing League have crypto sponsors. But in a market downturn, how long will these big investments in sports last?
In this episode, Crypto Senior Editor Anna Irrera is joined by Bloomberg reporter Kim Bhasin to discuss the return on investment when it comes to crypto advertising.
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