Crypto Exchange Signs a $400 Million Deal with the NBA’s Philadelphia 76ers
Crypto.com is the latest cryptocurrency exchange that has signed on a sports team.
This week, the crypto trading platform announced that it has entered into a six-year deal worth more than $400 million with the Philadelphia 76ers. As part of this deal, Crypto.com will have a patch appearing on the team’s jerseys.
Both the entities will also be collaborating on non-fungible tokens (NFTs), which will be available for fans to purchase in November through the Hong Kong-based crypto operator.
Crypto.com’s first deal in the NBA is worth roughly $10 million annually, according to the Philadelphia Business Journal.
“We were looking for the next big thing,” said Chris Heck, the Sixers' president of business operations.
“We became involved in the crypto space, and many of us got involved in the crypto space. A few years ago I didn't know what a NFT was. Now I think it going to be a major component of our relationship with our fans.”
Founded in 2016, the platform has more than 10 million customers. It has launched its Crypto.com Visa Card and recently announced the NFT platform for collecting and trading NFTs.
Besides Philadelphia 76ers, Crypto.com recently inked a three-year deal with Paris Saint-Germain worth between $29.5 million and $35.4 million.
The company further secured a multi-year partnership with Serie A in August. Before that, in July, it signed a 10-year, $175 million branding deal with UFC and, in June, announced a five-year, $100 million global partnership with Formula 1.
In March this year, Crypto.com also signed a one-year sponsorship deal with the NHL’s Montreal Canadiens.