• The Alfa Romeo Racing team has recently secured a $100 million sponsorship from the crypto casino platform Stake.com.
• This is one of the first and biggest sponsorships following the catastrophic collapse of FTX exchange which was known for its high-level and wide-reaching sponsorships.
• The resurgence in the crypto market, particularly with the rally of Bitcoin, has seemingly led to an increased interest in crypto-related sponsorships again.
The cryptocurrency industry has seen a resurgence of sponsorships this year, with the Alfa Romeo Racing team announcing their partnership with the crypto casino platform Stake.com for a whopping $100 million. The news comes after a year of bearish market conditions and the catastrophic collapse of FTX exchange, which was known for its high-level and wide-reaching sponsorships.
This new and exciting partnership marks the beginning of a new era of crypto-related sponsorships. The agreement between Alfa Romeo Racing and Stake.com will see the team adopt a new name, “Alfa Romeo F1 Team Stake”, and is set to be a long-term collaboration. According to the official statement, the sponsorship will expand opportunities for fan engagement through brand integration and activation, while also improving race weekends by providing unique experiences and increasing engagement in the digital space.
The renewed optimism in the crypto market has been largely due to the rally of Bitcoin, which is now up around 40% year-to-date. On-chain data suggests that the worst may be over and that the bear market could be at an end. This resurgence has seemingly led to increased interest in crypto-related sponsorships, as evidenced by the partnership between Alfa Romeo Racing and Stake.com.
This is not the first time Stake.com has made headlines for their sports sponsorships. Previously, the company signed a deal with Everon football club, which was considered one of the most valuable sponsorship agreements in the team’s history. Additionally, they also collaborated with the rapper Drake for a Bitcoin giveaway.
It is clear that the crypto market is on the upswing, and sponsorships like the one between Alfa Romeo Racing and Stake.com are indicative of the increased optimism in the industry. With further developments in blockchain technology, the possibilities for sponsorships and partnerships in the crypto space are endless and look to be growing more and more.