•Stake.com, an Australia-based crypto gambling platform, has entered a partnership with the Alfa Romeo Racing team worth $100 million.
•The partnership marks one of the first and biggest sponsorship programs following the collapse of FTX exchange.
•The new year has brought renewed optimism to the markets, with Bitcoin rallying up around 40% year-to-date and on-chain data suggesting that the worst may be over.
The crypto gambling platform based in Australia, Stake.com, has entered a partnership worth $100 million with the Alfa Romeo Racing team, indicating a comeback in crypto-related sponsorships. This marks one of the first and biggest sponsorship programs following the catastrophic collapse of FTX exchange which became known for its high-level and wide-reaching sponsorships.
The new year has brought renewed optimism to the markets, with Bitcoin rallying up around 40% year-to-date and on-chain data increasingly suggesting that the worst may be over. This resurgence in the crypto market, particularly with the rally of Bitcoin, has seemingly led to an increased interest in crypto-related sponsorships again.
As part of the partnership agreement with Stake, the racing team has adopted a new name, „Alfa Romeo F1 Team Stake“ and it will be a long-term collaboration, as per the official statement. According to Bijan Tehrani, co-founder of Stake.com, the partnership with Alfa Romeo F1 Team Stake will expand opportunities for fan engagement through brand integration and activation. He also stated 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 history of 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. It has also been a sponsor of the Formula 1 Racing Team and the Esports Team, G2 Esports.
The $100 million sponsorship is a sign that the crypto market is on the rebound following the crash of last year. This new partnership between Stake and the Alfa Romeo Racing Team is a strong indication that the crypto industry is still alive and well. It also shows that the crypto sector is becoming increasingly attractive to big-name sponsors, and is no longer perceived as a risky investment.
It is likely that more sponsorship deals like this one will follow in the coming months as the crypto sector continues to gain momentum. This is an exciting development that could significantly increase public acceptance of cryptocurrencies, and will help to further legitimize the industry.