• Alfa Romeo Racing Team has just secured a major sponsorship deal worth $100 million with crypto casino Stake.com.
• The deal marks a resurgence of crypto-related sponsorships following the catastrophic collapse of FTX exchange.
• Stake.com has a history of partnerships with sports teams and famous personalities, and intends to increase fan engagement through brand integration and activation.
The crypto sector has been buzzing this week with the news that Alfa Romeo Racing Team has just secured a major sponsorship deal worth $100 million with crypto casino Stake.com. This marks a major comeback in crypto-related sponsorships after the catastrophic collapse of FTX exchange which became known for its high-level and wide-reaching sponsorships.
This news comes at a time when the crypto market is starting to show signs of renewed optimism, following a year-long period that saw prices tanking across the board. The price of Bitcoin has now rallied up around 40% year-to-date, and on-chain data increasingly suggests that the worst may be over.
The partnership agreement between Alfa Romeo Racing Team and Stake.com is a long-term collaboration, and as part of it, the racing team will adopt a new name, “Alfa Romeo F1 Team Stake”. Bijan Tehrani, co-founder of Stake.com, stated that the company is dedicated to improving race weekends by providing unique experiences for fans and increasing engagement in the digital space.
Stake.com is no stranger to partnerships with sports teams and famous personalities. Previously, the company signed a deal with Everon football club, which was considered 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 resurgence of crypto-related sponsorships is likely to have a positive impact on the crypto market. This could help to increase the adoption of crypto assets, as well as create more opportunities for crypto businesses. With Stake.com’s new partnership with Alfa Romeo Racing Team, it is clear that the crypto market is on the rise again and that the bear market is officially over.