• The Alfa Romeo Racing team has secured a $100 million sponsorship from the crypto casino Stake.com.
• This marks one of the first and biggest sponsorships after the disastrous collapse of FTX exchange.
• The renewed optimism in the crypto markets has led to an increased interest in crypto-related sponsorships.
The crypto industry has experienced a major resurgence in 2021, with Bitcoin rallying up around 40% year-to-date. This resurgence has been reflected in the increasing number of crypto-related sponsorships and partnerships, as evidenced by the $100 million sponsorship agreement between the Alfa Romeo Racing team and the crypto casino Stake.com.
This move marks one of the first and biggest sponsorships since the catastrophic collapse of FTX exchange which had become renowned for its high-level and wide-reaching sponsorships. As part of the partnership agreement, the racing team will now be known as the ‘Alfa Romeo F1 Team Stake’ and will be looking to build on its already impressive fan engagement through brand integration and activation.
The crypto casino has a history of high-value partnerships, previously sponsoring the football team Everon and collaborating with the rapper Drake for a Bitcoin giveaway. The latest move, however, is a clear indication that the cryptocurrency industry is returning to its former glory, with more and more companies looking to capitalize on its potential.
Along with the sponsorship agreement, the renewed optimism in the markets has been further bolstered by on-chain data which suggests that the worst may be over. This has been reflected in the increasing number of institutional investors entering the space, further driving up the prices of digital assets.
The sponsorship agreement between Stake.com and the Alfa Romeo Racing team is undoubtedly a sign of the times and signals a bright future for the cryptocurrency industry. With more and more sponsorships being announced in the coming months, it looks like the bear market is finally over and the crypto industry is set to continue its exponential growth.