Crypto.com, one of the top exchanges in the digital currency ecosystem, is set to expand its sporting ad budget. Notably, the trading platform is looking to expand its dominance in its push for global visibility.

Crypto.com to Double Down on F1 Sponsorships

According to a Bloomberg report, Crypto.com’s Chief Marketing Officer Steven Kalifowitz has confirmed the plans to double down on its strategy. This strategy hinges on using sports as a move to drive non-crypto audiences into the industry.

Thus far, the bets of Crypto.com have worked as the company has reportedly grown its user count from 80 million to 100 million in months. The company’s footprint in the digital ad scene dates back to 2021 when it inked a multi-year deal to rename the Staples Center Crypto.com Arena.

The company is the primary sponsor of Formula One’s Florida event, the Crypto.com Miami Grand Prix. This sponsorship is worth $10 million and is poised to last for 10 years. Besides this, Crypto.com also holds a global sponsorship license for the Grand Prix, a $100 million deal inked for 5 years.

While many may consider this spending massive, the trading platform is keen on expanding this ad license. Recently, the company featured American music star Eminem in a highly publicized ad at the Crypto.com Arena. Eminem’s advert came as a reboot of Matt Damon’s Fortune Favors the Bold commercials that aired in 2021.

Crypto Ads Regaining Traction

At a time, crypto players considered ads on big sporting events like the Super Bowl a major basis for competition. Many splurged large budgets on the ads but soon after, the crypto winter hit, earning many intense criticisms.

FTX Exchange became a unique case study for firms that injected heavy capital into ads but ended up becoming fraudulent. With the massive volatility that came as a result of the Crypto Winter at the time, regulators around the world began to crack down on crypto ads.

As it stands, Crypto.com is one of the firms looking to revive this crypto ads culture. Spot Bitcoin ETF issuers also stirred a wave with their ads with Hashdex, BlackRock, and Grayscale making the headlines this year.

The post Crypto.com To Expand F1 Sporting Sponsorship In Visibility Drive appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am