Crypto.com, a leading exchange in the cryptocurrency ecosystem, is set to increase its sports advertising efforts as part of its strategy to expand its dominance and gain international prominence. According to Bloomberg, Steven Kalifowitz, the chief marketing officer of Crypto.com, has revealed the company’s plans to attract new customers from outside the crypto industry through sporting events.
This strategic approach has already proven successful for Crypto.com, as its user base reportedly grew from 80 million to 100 million in just a few months. The company made its first foray into the digital advertising market by signing a multi-year contract to rebrand the Staples Center as the Crypto.com Arena in 2021.
One of the notable sponsorships by Crypto.com is the Crypto.com Miami Grand Prix, held in Florida. This sponsorship, valued at ten million dollars, is expected to last for ten years. Additionally, Crypto.com holds a five-year, $100 million sponsorship license for the Grand Prix on a global scale.
Despite the significant expenditure involved, the trading platform is eager to expand this advertising license. Notably, Crypto.com featured famous American musician Eminem in a widely recognized advertisement at the Crypto.com Arena. The advertisement, which revived the Fortune Favors the Bold campaign starring Matt Damon, originally debuted in 2021.
There was a time when cryptocurrency competitors saw advertising during the Super Bowl as a major competitive advantage. However, the subsequent crypto winter and widespread criticism dampened the enthusiasm for big marketing spends.
In other crypto news, Charles Hoskinson, the founder of Cardano, has hinted at a potential collaboration between Cardano and Bitcoin Cash. This development could have significant implications for the cryptocurrency industry.
Overall, Crypto.com’s increasing focus on sports advertising reflects its ambition to establish itself as a dominant player in the crypto space on a global scale.