Abstract:However, with huge marketing budgets, crypto brands cracked some historic sponsorship deals in the last 2 years.
FX companies dominated the global sports sponsorship sector during the last decade.
Sports sponsorship has always been one of the most important tools for international financial services providers to increase their reach. Branding and marketing partnerships with sporting clubs and athletes allow financial brands to attract customers from different regions.
There has been a major shift in the international sports sponsorship ecosystem. The sector, which was once dominated by leading foreign exchange brokers like FXPro, Aplari, Instaforex, and Swissquote, saw the emergence of crypto brands in the past two years.
Since the start of 2020, crypto companies poured billions of dollars in sports sponsorships and formed partnerships with some of the worlds most followed athletes. During the halftime of the recent Super Bowl, the annual playoff championship game of the National Football League in the US, leading crypto brands, including Coinbase, Crypto.com, FTX, and eToro ran their advertisements. Coinbase alone witnessed more than 20 million hits on its website within a minute after the ad.
With the rising popularity of crypto companies and their massive marketing budgets, several questions have emerged regarding the future of FX brands in the global sports sponsorship sector. But is it all over for the FX firms? Are they still in the game?
There is no doubt about the fact that the dominance of FX companies has been challenged by the crypto firms in the past few years, but brokers like InstaForex, IC Markets, Vantage, City Index, TMGM, and Robomarkets recently established and in some cases extended their partnerships with prominent names in the sports sponsorship sector.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Fintech start-up Midas has achieved a significant milestone by raising $45 million in equity funding, marking the largest Series A fundraising by a Turkish fintech firm, and the second largest across sectors.
eToro collaborates with 21Shares to introduce a dynamic, data-driven crypto investment portfolio for retail investors.
The Extraordinary General Meeting of NAGA shareholders has voted overwhelmingly in favour of the merger with CAPEX.com, reaching an impressive 99.81% approval rate.
The FCA has launched criminal proceedings against Lee Steven Maggs of Sittingbourne, Kent, for 2 counts of fraud and 1 count of breaching the Financial Services and Markets Act 2000 (FSMA).