• Alfa Romeo racing team has secured a $100 million sponsorship from crypto casino Stake.com.
• This is one of the first and biggest crypto-related sponsorships following the crash of FTX exchange.
• Stake has a growing list of partnerships with sports teams and famous personalities.
The crypto gambling platform, Stake.com, based in Australia, has made a landmark move by entering a partnership agreement worth $100 million with the Alfa Romeo Racing team. This marks one of the biggest, and first, crypto-related sponsorships since the catastrophic collapse of FTX exchange, which was widely known for its high-level and wide-reaching sponsorships.
The new year has brought with it a sense of optimism towards the markets, with Bitcoin rallying up around 40% year-to-date and on-chain data increasingly indicating that the worst may have passed. This resurgence in the crypto market, particularly with the rally of Bitcoin, has seemingly led to an increased interest in crypto-related sponsorships.
As part of the partnership agreement with Stake, the racing team will be adopting a new name, „Alfa Romeo F1 Team Stake“, and will be part of a long-term collaboration, as per the official statement. Bijan Tehrani, co-founder of Stake.com, commented on the partnership by saying that it will open up new opportunities for fan engagement through brand integration and activation, and that the company is dedicated to improving race weekends by providing unique experiences for fans and increasing engagement in the digital space.
Stake has a growing list of partnerships with sports teams and famous personalities. The company has previously signed a deal with Everon football club, which was considered to be one of the most valuable sponsorship agreements in the team’s history. Additionally, it also collaborated with the rapper Drake for a Bitcoin giveaway.
The Alfa Romeo F1 Team Stake partnership with Stake.com is a further indication of the renewed interest in crypto-related sponsorships, and a sign that the bear market may finally be over. With Bitcoin prices continuing to rise and the crypto market looking to make a comeback, we may be seeing more of these kinds of partnerships in the near future.