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07-07-2021 | Business

Crypto.com has formed a $175 million cryptocurrency sponsorship deal with the UFC and is now the UFC's largest sponsor.

The Ultimate Fighting Championship, a major global mixed martial arts (MMA ) organisation, continues its investigation of the cryptocurrency industry by announcing a collaboration with a cryptocurrency exchange.

CNBC reported that on Wednesday, the UFC announced a fight-kit collaboration with Crypto.com, one of the world's leading cryptocurrency trading platforms by trading volume.

According to CNBC, the sponsorship is valued at $175 million and will last for a period of ten years.

The Crypto.com brand will appear on fight kit items worn by athletes during competition, as well as clothing worn by the training staff, as part of the agreement. In addition, The rights to the UFC's new sponsorship category have been purchased by Crypto.com known as "Cryptocurrency Platform Partner."

Kris Marszalek, co-founder and CEO of Crypto.com, called the UFC agreement a "historic moment," noting that it would help the sports industry "accelerate the world's transition to cryptocurrency."

The agreement, according to Ari Emanuel, CEO of talent agency Endeavor, which purchased a stake in UFC in April, is "just the beginning of a long relationship with UFC."

The UFC has recently been actively investigating the benefits of the cryptocurrency industry, forming several partnerships with cryptocurrency and blockchain-related startups earlier this year. The UFC announced in May that it would launch a UFC fan token in partnership with blockchain rewards app Socios.com and tokenization platform Chiliz. The UFC previously announced a partnership with Stake.com, a cryptocurrency-enabled online sportsbook, to provide exclusive digital UFC content for Stake consumers.

The latest collaboration is a significant step forward in the growing convergence of cryptocurrency and the sports industry. The Portland Trail Blazers of the National Basketball Association signed its first team jersey patch agreement with blockchain reward app StormX last week. As part of the sponsorship agreement, the Trail Blazers will wear the StormX emblem on their shirts for the next five years, beginning with the 2021–22 season.

What are your thoughts on the UFC's partnership with cryptocurrency exchange Crypto.com? Please let us know what you think in the comments section below.

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