In the last few years, sports marketing has been a go-to option for crypto businesses. From UFC fighters wearing cry[ot.com merchandise to NBA players promoting cryptocurrencies, cryptocurrency has a strong presence in sports. Many even link the competitiveness of sports betting to cryptocurrency, but they remain very different sectors with different rule sets. While the race for marketing in sports arenas is becoming more intense, Binance seems to be losing ground to competitors like Coinbase and Crypto.com.
Binance’s struggle started a few months back when many countries launched an investigation into their offerings and operations. From the UK to Singapore to Thailand, governments were actively investigating all loopholes in Binance’s policies. While the crackdowns are now a thing of the past, its effect is still felt by Binance – the largest cryptocurrency exchange in the world by volume.
On the other hand, rival companies like Coinbase, FTX, and Crypto.com are gaining momentum. After buying naming rights for the Staples Center, Crypot.com is now clearly ahead of Biance in terms of sports marketing. This recent deal from Crypto.com gives Binance a serious pushback and makes Crypto.com the clear winner for now. The $700 million deal is widely promoted as the single largest deal between sporting event managers and cryptocurrency exchanges. The relationship between cryptocurrency and sports marketing will become stronger with such deals. It also puts Crypto.com a notch above its competition, mainly Binance. Notable cryptocurrency investor Mark Cuban lauded the agreement and called it one of the most important moments from the crypto landscape in the United States of America.