Crypto.com backs Adelaide Crows with multi-year sponsorship deal

The AFL is cashing in on the cryptocurrency craze, with new multimillion-dollar backer Crypto.com inking a sponsorship deal with the Adelaide Crows.

The AFL’s new $25m cryptocurrency backer Crypto.com has partnered with the Adelaide Football Club in a multi-year sponsorship agreement.

The deal represents another move into the mainstream consumer market for the Singapore-based company, which runs a cryptocurrency exchange and also offers digital wallets and crypto-backed debit cards.

It has spent more than $1.5bn on sports branding deals in recent months, including a $US700m ($971m) naming rights agreement for a Los Angeles stadium and sponsorships ranging from soccer club Paris Saint-Germain to the UFC championship and Formula One.

The deal with the Adelaide Crows represents the company’s first sponsorship agreement with an Australian sporting club.

Crypto.com says the success of Adelaide Football Club’s AFLW team was a key attraction. Picture: Mark Brake/Getty Images

As part of the agreement, the Crypto.com logo will appear on the back of the home and clash guernseys of both the men’s and women’s teams, and will also “bring to life other engagement initiatives”.

Financial details have not been disclosed.

Adelaide Football Club chief executive Tim Silvers said the agreement would unlock a series of benefits for fans and members.

“Crypto.com has aligned with some of the highest profile sporting teams and organisations around the world, and to be part of that family is significant,” he said.

“Innovation is at the core of Crypto.com and there will be many opportunities for us to work together.

“Cryptocurrency and blockchain technology are evolving rapidly and while it is still early days in Australia, we are excited to work with a global leader in Crypto.com over the journey to bring new opportunities to fans and members.”

Crypto.com’s deal with the AFL, announced on Sunday, represented the first major cryptocurrency sports sponsorship in Australia and one of the biggest sponsorship deals in Australian sport, estimated to be worth close to $25m over five years.

That compares to the $18.5m value of the AFL’s existing major sponsorship with Toyota.

As part of the deal, Crypto.com will become the official cryptocurrency exchange and official cryptocurrency trading platform of AFL and AFLW.

AFL executive general manager commercial Kylie Rogers with Crypto.com APAC general manager Karl Mohan. Picture: Jonathan Di Maggio

Crypto.com Asia & Pacific general manager Karl Mohan said the company was committed to supporting Australian sports and growing the brand in the local marketplace.

“The Crows are the pride of South Australia with over 30 years in existence, and they have the most successful team in the AFLW competition, being the only club to have won multiple premierships,” he said.

“Their vision of ‘bringing people together to achieve great things’ is what resonates the most with our brand attributes and we look forward to supporting a team that not only has deep-rooted history but has also been a champion of women’s sport.”

Founded in 2016, Crypto.com bills itself as the world’s fastest growing crypto platform, with a mission to “accelerate the world’s transition to cryptocurrency”.

It current services more than 10 million customers globally, but has ambitions to grow that number to 100 million by 2023, with Australia identified as one of its key growth markets.

Late last year it kicked off a global ad campaign led by actor Matt Damon and simultaneously launched its crypto-linked Visa card into the Australian market.

The company’s ambitions for the Australian market come amid surging interest in cryptocurrencies and a broader push to move digital assets into the mainstream.

Originally published as Crypto.com backs Adelaide Crows with multi-year sponsorship deal