The cryptocurrency industry’s push towards the mainstream is gathering more and more momentum with the entry of multiple companies into the wide world of sports. In the USA, companies such as Crypto.com and Coinbase have signed multi-million dollar deals with the NBA and basketball giants like the LA Lakers.
The USA National Women’s Soccer League (NWSL) has also signed a multi-year deal with Voyager Digital, a crypto platform. Voyager Digital also has dealt with the Dallas Mavericks and individuals such as Landon Cassill (NASCAR) and Rob Gronkowski of the Tampa Bay Buccaneers.
Steve Ehrlich, the CEO of Voyager Digital, recently said that the company’s introduction to sports will reap the rewards in the long run. Ehrlich highlighted the opportunities that are available in sports to give greater financial backing to sportspersons along with education.
Voyager’s deal with the NWSL will result in the creation of a fund, which will be shared equally among the players. The players will also have individual crypto accounts, and equal shares will be put in the respective accounts as well.
Crypto.com’s $100 million deal with Formula 1 and $175 million deal with UFC are some of the other examples of the cryptocurrency industry making its way into the big time. FTX also signed a deal with Major League Baseball (MLB) in 2021, which was the first time that a professional sporting league and a cryptocurrency exchange partnered.
However, despite crypto’s advances in sports, some sporting organizations still have reservations. For instance, soccer teams Manchester City (England) and Barcelona (Spain) had to cancel their deals with cryptocurrency companies following external pressure.