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Tuesday, April 16, 2024
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Crypto.com Tops $400M in Sports Deals

  • Crypto.com announced that it will have a patch appearing on Philadelphia 76ers jerseys.
  • This brings the total of the company's deals with sports brands to more than $400 million.
Crypto.com/Design: Alex Brooks

Crypto.com announced on Wednesday that it will have a patch appearing on Philadelphia 76ers jerseys for the next six years, bringing the total value of the company’s deals with sports brands to more than $400 million.

The Hong-Kong based cryptocurrency operator’s deal with the 76ers is worth roughly $10 million annually, according to the Philadelphia Business Journal. The deal marks Crypto.com’s first in the NBA.

The two entities will also collaborate on NFTs.

Crypto.com has been quite aggressive about establishing a footprint in sports.

  • It signed a one-year sponsorship deal with the NHL’s Montreal Canadiens in March. 
  • It announced a five-year, $100 million global partnership with Formula 1 in June. 
  • It signed a 10-year, $175 million branding deal with UFC in July. 
  • It secured a multiyear partnership with Serie A in August. 
  • Last week, it inked a three-year, $29.5 million to $35.4 million deal with Paris Saint-Germain.

Introduced in 2016, NBA jersey patches have sold for an average of $7 million to $10 million per year.

Earlier this week, the Los Angeles Lakers secured a five-year jersey patch sponsorship worth more than $100 million with Bibigo, a brand under CJ CheilJedang, the No. 1 food company in South Korea.

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