Wednesday, May 22, 2024

As other crypto exchanges target sports marketing, Binance is losing ground

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.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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