Mark Weaden
Steph Curry becomes the latest sports star to land a deal with a major cryptocurrency outfit in the form of FTX
A recent tweet from the three-time NBA MVP Stephen Curry indicated that he might be looking to move into cryptocurrency trading, stating that he was taking advice on how to enter the market. Then, just days later, he announced his deal with the crypto trading platform FTX.
The details of the partnership aren’t yet public knowledge. But, what we can see is that there is a growing number of partnerships between sports stars and organizations, as a means to expand the reach of crypto companies into the mainstream.
The expansion of crypto into sport
One of the biggest hurdles for the crypto industry has been moving it from early adoption into mainstream adoption. Although it does seem like it’s moving in that direction, there are many crypto exchanges and companies now vying for the position of leaders in the industry—this is most noticeable in the area of cryptocurrency trading.
We’ve seen many high-profile sponsorship deals in the past couple of years, with the majority of moves happening in 2021. The high-profile deal between crypto.com and the UFC will be one that we expect will be very fruitful for the crypto giants. Ultimately, it’s about exposure and getting your name out there.
Steph Curry is one of the most iconic names in the NBA, which now has major global appeal with the NBA owners residing in China. While cryptocurrency is something that has major regulatory issues in the far East, ensuring your name is the one potential users see first is very worthwhile.
Other deals for FTX
Steph Curry seems about a bigger name as you can get in major U.S. sports. But, then there’s Tom Brady, who signed a deal alongside his Brazilian wife Gisele Bündchen. The NFL is the biggest sports league in the U.S., though it doesn’t have the global appeal of the NBA, and there is no name bigger than Tom Brady—another shrewd move from the marketeers at FTX.
As well as that, we’ve seen FTX strike deals with the Cal Golden Bears, an NCAA Football team, in what looks to be a 10-year deal worth a cool $17.5 million. They also agreed on a partnership with the Miami Heat for naming rights for their stadium, as well as becoming the official crypto exchange for the MLB.
FTX seems to be making all the right moves, which is reflected in the recent valuation of $18 billion after its latest round of fundraising.
