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The Business of Sport
Spending billions for brand visibility
In this monthly series, The Straits Times examines how the coronavirus pandemic has reshaped the sports industry and its future. S'pore-based Crypto.com making headlines after several mega sports sponsorship deals
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In the past nine months, Singapore-based cryptocurrency exchange platform Crypto.com has raised eyebrows by spending more than S$1.4 billion (see sidebar) in more than 10 sports-related sponsorship deals across basketball, e-sports, football, Formula One, ice hockey and mixed martial arts.
The biggest one of them all was the US$700 million (S$957 million), 20-year deal to rename Staples Centre - home of one of the National Basketball Association's most storied franchises the Los Angeles Lakers as well as the Clippers - to Crypto.com Arena, which was announced on Nov 17.
