- Multi-year deal also designates Crypto.com as an international marketing partner of the 76ers
- Agreement is one of the five largest jersey patch sponsorships in the NBA, according to Sportico
- Bloomberg reports that Crypto.com now has more than US$400m worth of sports sponsorship deals in place
The Philadelphia 76ers have named Crypto.com as their new jersey patch sponsor, making the National Basketball Association (NBA) franchise the latest sports property to partner with the Hong Kong-headquartered cryptocurrency platform.
The financial terms of the deal have not been made public, but Sportico reports that the 76ers will receive more than US$10 million a year, making it one of the five largest jersey patch sponsorships in the league.
As part of the multi-year agreement, the 76ers will be launching their first ever non-fungible tokens (NFTs) through the Crypto.com platform later this year.
In addition, the deal designates Crypto.com as an international marketing partner of the team, giving the company the right to promote its association with the franchise outside the US and Canada.
Other elements of the partnership will see Crypto.com receive in-arena branding and present an initiative to educate fans on cryptocurrency, while it will also have a substantial presence across all platforms, including the 76ers’ regional broadcasts and digital channels.
The 76ers hired the Excel Sports Management agency’s properties division to oversee its search for a brand to replace StubHub as their jersey patch partner, while Crypto.com was represented by Mayflower Entertainment.
“Crypto.com will be woven into the fabric of our identity, and together, we will change the landscape for how crypto is integrated in sports,” said Chris Heck, the 76ers’ president of business operations. “These are the types of creative, innovative partnerships that we crave, and we’re thrilled to share this with our fans in Philadelphia and around the world for years to come.”
According to Bloomberg, Crypto.com now has sports sponsorship deals in place worth more than US$400 million in total.
The company also holds partnerships with Formula One, the Ultimate Fighting Championship (UFC), Italian soccer’s Serie A, French club Paris Saint-Germain (PSG), and the National Hockey League’s (NHL) Montreal Canadiens.
Crypto.com’s deal with the 76ers is its first in the NBA, and Kris Marszalek, the company’s co-founder and chief executive, described the Philadelphia franchise as “an obvious choice” to partner with.
He added: “Together we’re going to create integrated experiences for fans everywhere; our patch and court integrations are just the beginning.”