BlockDAG latest crypto firm to score deal with major European soccer clubs

Crypto is kicking off a new era in sports marketing: Partnering with major European soccer clubs.

Sponsorship deals between crypto companies and high-profile soccer outfits are particularly hot this season. The latest iteration involves blockchain firm BlockDAG and two of Europe’s top clubs: Italy’s Inter Milan and Germany’s Borussia Dortmund.

BlockDAG, which operates a so-called “Layer One” blockchain, has committed $10 million over three years for its branding to appear across Borussia Dortmund’s home stadium and various social media platforms. The German team also extended its partnership with the U.S.’s largest crypto exchange, Coinbase, for a further three years.

BlockDAG announced that another $5 million will go to Inter Milan for similar marketing opportunities. This is the Italian club’s second crypto sponsorship deal this year alongside Chinese crypto exchange Gate.io, whose logo appears on the sleeves of its players’ jerseys.

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“This collaboration not only elevates our brand but also positions us at the forefront of blockchain adoption in mainstream sports,” said Antony Turner, CEO of BlockDAG. “We are excited to explore the synergies this partnership brings and to introduce the power of BlockDAG to millions of football fans worldwide.”

The move is part of a broader push from crypto firms to expand their customer bases and demonstrates a renewed willingness by sports teams and leagues to partner with them following the downfall of the now-defunct crypto exchange FTX.

Formerly run by now-convicted fraudster Sam Bankman-Fried, FTX became known for its brand partnerships with sports stars such as Tom Brady and Steph Curry and its flashy sponsorship deals, like renaming the Miami Heat stadium to “FTX Arena” in 2021. Throughout its brief heyday, FTX committed around $375 million to various sports teams and leagues, including the National Basketball Association, Major League Baseball, and the National Hockey League. The implosion of the exchange and the indictment and subsequent conviction of Bankman-Fried cast a shadow over the entire $2 trillion crypto market and resulted in a significant drop-off in crypto and web3 sponsorships as companies became wary of the digital asset industry.

Two years on, partnerships with crypto firms appear to be back in play, at least in the soccer world.

 “We are thrilled to welcome BlockDAG as our official blockchain partner,” said the…