Crypto companies are betting billions on sports advertising and partnerships to go mainstream and woo new investors

Yesterday night, Coinbase made a splash after the crypto exchange startup ran a $14 million Super Bowl commercial for a color-changing QR code that bounces around on the screen for 30-seconds.

The ad led to a link where viewers could sign up for $15 in bitcoin. Once  scanned, the viewers were taken to the Coinbase website, where they were told to “sign up and get $15” or “opt in to win $3M.” The ad was so popular it crashed the Coinbase website.

Coinbase was not alone. Bitbuy, Crypto.com, eToro, and FTX were among the handful of crypto companies who shelled out the reported $6.5 million for 30-second ad spots during Sunday’s Super Bowl LVI game between the Cincinnati Bengals and the Los Angeles Rams, the eventual winner of the game.

Since the pandemic started two years ago, crypto companies have spent billions of dollars on marketing to promote cryptocurrencies like bitcoin and other cryptocurrencies to the general public. But in recent months, crypto companies are now betting billions on sports advertising and partnerships to help catapult cryptocurrencies to the status of a mainstream asset.

An example of this is Crypto.com. As we reported early last year, the crypto exchange startup partnered with well-known celebrities like Snoop Dogg, Axel Mansoor, BossLogic, and other A-listers to kick off its new NFT platform. The company also partnered with other internationally known celebrity content creators as it launches a new NFT platform featuring membership by invitation only. Last year, Crypto.com also signed a $700 million deal to rename the Staples Center in Los Angeles to the Crypto.com Arena.

Crypto.com’s ads and partnerships are not limited to the United States. Last year, the company also launched a $100 million advertising campaign across 20 countries starring actor Matt Damon. It also inked sponsorship deals with the Philadelphia 76ers, the Ultimate Fighting Championship, and Formula 1 Racing, and got 20 years of naming rights to the former Staples Center.

Robert Siegel, a lecturer at the Stanford Graduate School of Business and a venture investor, commented on the approach crypto companies are taking: “The playbook they’re playing is, we’ve got lots of cash. Let’s get our name out there.” Crypto.com is currently one of the top apps in the Google Play Store in the U.S.

Founded in 2016, Singapore-based Crypto.com is a pioneer of payments and cryptocurrency with a mission to accelerate the world’s transition to cryptocurrency. The startup is working towards this goal with its portfolio of consumer products, including the Crypto.com Wallet & Card App, the MCO Visa Card, Crypto Invest, Crypto.com Chain, as well as Crypto Credit.

To date, Crypto.com now serves over 6 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Card, and the Crypto.com Exchange. The Crypto.com Wallet allows users to buy, sell, and pay with cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Binance Coin (BNB), and Crypto.com’s MCO and CRO Tokens.