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- Crypto.com is expanding its global visibility by doubling down on its bet on F1 sporting events worldwide.
- The exchange is sponsoring the Crypto.com Miami Grand Prix and holds numerous other sporting sponsorship deals.
- The resurgence of crypto ads culture is gradually taking place.
Crypto.com is set to increase its global visibility by doubling its investment in F1 sporting events. This move is part of a broader strategy to attract non-crypto audiences to the industry.
Crypto.com’s Expansion Strategy
Crypto.com, a leading exchange in the digital currency ecosystem, plans to increase its sporting ad budget. The trading platform aims to expand its dominance in its push for global visibility. According to a Bloomberg report, Crypto.com’s Chief Marketing Officer Steven Kalifowitz confirmed these plans. The strategy involves using sports to attract non-crypto audiences to the industry.
Successful Bets and Future Plans
Crypto.com’s bets have so far been successful, with the company growing its user count from 80 million to 100 million in a few months. The company’s digital ad presence dates back to 2021 when it signed a multi-year deal to rename the Staples Center Crypto.com Arena. The company is the primary sponsor of Formula One’s Florida event, the Crypto.com Miami Grand Prix. This sponsorship, worth $10 million, is set to last for 10 years. Additionally, Crypto.com holds a global sponsorship license for the Grand Prix, a $100 million deal signed for five years.
Revival of Crypto Ads Culture
At one point, crypto companies considered ads on significant sporting events like the Super Bowl a significant competition basis. Many spent large budgets on the ads, but the crypto winter hit shortly after, leading to intense criticisms. FTX Exchange became a case study for firms that invested heavily in ads but ended up becoming fraudulent. With the massive volatility resulting from the Crypto Winter, regulators worldwide began cracking down on crypto ads. However, Crypto.com is one of the firms looking to revive this crypto ads culture. Spot Bitcoin ETF issuers also stirred a wave with their ads, with Hashdex, BlackRock, and Grayscale making headlines this year.
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Conclusion
Crypto.com’s strategy to increase its global visibility by investing in sporting events has so far been successful. The company plans to continue this strategy, which could lead to a resurgence of the crypto ads culture. This move could potentially attract more non-crypto audiences to the industry.
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