In Crypto ‘Arms Race’ For Mass Adoption, Companies Ink Sports Deals Worth Hundreds Of Millions

As cryptocurrency companies seek to reach mainstream audiences, some platforms are spending hundreds of millions of dollars to sponsor sports teams, stadiums and even leagues in a bid to woo new fans.

On Sept. 22, Crypto.com struck an eight-figure deal with the Philadelphia 76ers to sponsor the jersey patch and have visibility in the arena. The crypto trading app will also work with team management to develop non-fungible tokens (NFTs) and create a way for fans to use cryptocurrency to pay for tickets and other products. The Hong Kong-based company will also show up elsewhere alongside the NBA franchise—including on TV broadcasts and various other digital platforms.

Crypto.com Chief Marketing Officer Steven Kalifowitz recognizes that in order to build the brand, he has to also educate consumers about this new asset class.

“Crypto is not just another shoe,” he says. “It’s not a commodity thing or a suitcase or something. Getting into crypto is very much a cultural thing.”

Flush with money from eager investors, a growing number of crypto brands are spending big to reach a mass audience through sports sponsorships and mainstream events. Other deals this month include the cryptofinance company XBTO sponsoring the Major League Soccer team Inter Miami, the cryptocurrency exchange FTX sponsoring Mercedes-AMG’s Formula 1 team and the nonprofit Learncrypto.com sponsoring the English Premier League team, Southampton F.C.

Perhaps sports arenas are not a bad way to go when it comes to finding new fans for a new—and still largely unregulated—asset class that some critics dismiss as gambling and proponents say is the future of the internet as well as the economy. And in a fast-growing and cluttered market, the fight is to get not just recognition but market share.

“To me it looks like an arms race for user acquisition,” says Keith Soljacich, VP/GD of Experiential Tech at Digitas, a leading digital advertising agency. “It’s kind of like if you have a crypto wallet on a platform, it’s a lot like holding a Visa card, too.”

The 76ers deal is just one of many that Crypto.com has landed in the past year while it’s on an aggressive sponsorship spree totaling more than $400 million in deals. Earlier this month, the company became the first official crypto platform partner for the famous French soccer team Paris Saint-Germain. Crypto.com is also a sponsor of a wide range of teams including the NHL’s Montreal Canadiens, Fox Sports’ college football midday coverage, UFC, and Aston Martin’s Formula One team—just to name a few. Each of these also includes various other integrations far beyond a logo.

Chris Heck, president of business operations for the 76ers, says the team had been looking for a new jersey patch partner for a couple of years and spoken with hundreds of companies. And because the jersey patch is the most important partnership a team has, it requires brands and teams to be “completely aligned.”

“As the world woke up to the crypto space a little over a year ago, we got a chance to venture down that road,” Heck says. “Think about it this way: Sports are entering into the crypto era world, and we get to the at the front of the line with Crypto.com. These are folks that are partnering with gold-standard brands like UFC, F1, PSG, and we get to be their brand and their of choice in the United States with major sports teams and that’s pretty cool.”

All this to go beyond the current crypto user base to reach the masses: A study Crypto.com conducted in July found that total global crypto users have doubled year-over-year from 106 million to 221 million. However, just a fraction of those are currently the company’s customers.

Earlier in September, FTX—a two-year-old startup that just moved its headquarters from Hong Kong to The Bahamas—announced a $20 million ad campaign starring football legend Tom Brady and his wife, the model and businesswoman Gisele Bündchen. And like Crypto.com, FTX is sponsoring a wide range of teams and leagues in rapid succession including a five-year deal with the Major League Baseball announced this summer.

“If we just stop at one deal and we’ll wait and see how it does and wait to see how that does before doing another one, the best opportunities might be gone,” says FTX.US President Brett Harrison.

According to Harrison, FTX founder and CEO Sam Bankman-Fried asked for ideas of how do something “that’s big.” Someone then came up with the idea to buy the naming rights for a stadium, and a few months later they won the rights to rename the Miami Heat’s arena FTX Arena in a $135 million deal approved in March.

“There is a group of tech companies that know it in their bones that if they don’t become brands quickly, there is a time in the future where there will be just a few left,” says Jamie Shuttlesworth, chief strategy officer of Dentsu Americas, which became FTX’s agency of record in June.

Traditional advertising methods are important for building trust in crypto brands, according to Harrison—especially since it deals with something like taking care of people’s money.

“When’s the last time you saw an ad for maybe a bank pop up on the top of your Google search and said, ‘Time to move all my money from my Chase account or Citi account?’”

Major stadium and team sponsorships are often held by brands that are already well known, but the crypto sector’s aggressive land-grab feels in some ways like strategies in games like “Risk” or “Monopoly”—where people can either wait for the right properties or buy everything they can as fast as possible.

When asked about the Monopoly metaphor, Harrison joked that “we’re trying plant our pieces on as many Park Places as possible.”

There’s plenty incentive for sports organizations to team up with crypto companies. Mike Proulx, a Forester analyst and marketing expert, said many sports leagues want—and need—to attract the next generation of fans.

“These kinds of deals look to tap into crypto companies’ young skewing userbase with NFTs that are, in a way, a modern/virtual take on old school baseball cards,” he says. “And the benefit to crypto companies is, of course, getting to leverage the league IP that legitimizes their platform with trusted brands while also growing their users.”

The crypto industry has exhausted its original market, says to R.A. Farrokhnia, a professor at Columbia Business School professor and Executive Director of the Columbia Fintech Initiative. However, blockchain technology isn’t something that’s easily explained to the average person—it involves cryptography, complex networks, and other concepts—and also still aren’t to a point where users can easily navigate.

According to Farrokhnia, there are still questions about whether the foundations and interfaces are advanced enough to warrant the aggressive push toward mass adoption. Or, he asks, “are we putting the proverbial cart before the horse?”

“These are all the moving parts in this ecosystem and it seems the pace for innovation has accelerated,” he said. “But are we doing things in the right sequence?”

Farrokhnia also points out the irony that despite all of cryptocurrency’s new innovations, the companies are still using classic marketing models. However, he adds that little for athletes to market unregulated digital economies than to pitch things like CPG products or other brand categories.

“What kind of reputation risk could this have for teams or sports figures or influencers or actors who are engaging in this kind of marketing campaign or activity? Most likely they have good lawyers that would protect them against such things, but you never know.”

Follow me on Twitter or LinkedIn. Send me a secure tip.

I’m a Forbes staff writer and editor of the Forbes CMO Network, leading coverage of marketing, advertising and technology with a specific focus on chief marketing

Source: In Crypto ‘Arms Race’ For Mass Adoption, Companies Ink Sports Deals Worth Hundreds Of Millions

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Consistency of Proof-of-Stake Blockchains with Concurrent Honest Slot Leaders

Gridcoin: Crypto-Currency using Berkeley Open Infrastructure Network Computing Grid as a Proof Of Work

Vertcoin: The Soaring Cryptocurrency Set to Surpass Bitcoin

Out in the Open: Teenage Hacker Transforms Web Into One Giant Bitcoin Network

Exclusive: Grayscale launches digital-currency fund backed by Silver Lake’s co-founder Hutchins

Crypto social network BitClout arrives with a bevy of high-profile investors — and skeptics

Kodak CEO: Blockchain Significant, Though Not a Doubling in Stock Price

Zcoin Moves Against ASIC Monopoly With Merkle Tree Proof”. Finance Magnates

Big-name investors back effort to build a better Bitcoin

Apple Pay Fees Vex Credit-Card Issuers

Banks are nudging Visa to change the way it processes some Apple Pay transactions, according to people familiar with the matter.

According to people familiar with the matter, banks are pressing Visa to change the way some Apple Pay transactions are processed. Some banks are pushing back, weakening the card network Visa Inc.

To change the way some Apple Pay transactions are processed, according to some. This change will reduce the fees that banks pay to Apple.

According to people familiar with the matter and a document seen by Businesshala, Visa plans to implement the change next year. Apple executives have told Visa officials they oppose the change, the people said. The two companies are in discussion and it is possible that the planned change will not start.

Currently, banks pay the fee to Apple when their cardholders use Apple Pay. Under the new process planned, the fee will not apply to automatic recurring payments such as gym memberships and streaming services.

The dispute reflects a long-running tension between the tech and finance giants. Companies like Apple and Amazon.com Inc.

Consumer payments have been expanding over the years. Banks often bargain with them for fear of being left behind. But deals don’t always work out: Alphabet Inc. NS

For example, Google is dropping plans to introduce bank accounts to users. Apple said in a statement that “our banking partners are an important part of the growth of Apple Pay.”

The company said, “Our bank partners continue to see the benefits of providing Apple Pay and invest in new ways to implement and promote Apple Pay for our customers for secure and private in-store and online purchases. “

Major networks including Visa and MasterCard Inc.

There are effective gateways between banks and Apple Pay, as they help to load banks’ cards into mobile wallets. The change will apply to Visa-branded cards, though other networks may follow suit.

Mobile wallets are smartphone apps on which people can load their debit or credit-card credentials and use their phones instead of tangible cards to make payments. The transaction fee is charged to the buyer’s card.

When Apple introduced Apple Pay in 2014, the iPhone had already discontinued the music player, camera, and GPS system. Banks and card networks are worried it will displace card payments as well.

Banks agreed to pay 0.15% to Apple for every purchase made by their credit cardholders. (They pay a separate fee on debit-card transactions.) Those charges account for most of the revenue Apple makes from its digital wallet, according to people familiar with the matter.

The terms had the potential to be uniquely attractive to Apple. Banks do not charge Google for its Wallet.

Visa and MasterCard also agreed to make an unusual concession to Apple: Apple will be able to choose which issuers it will allow on Apple Pay and which issuers will accept cards, according to people familiar with the matter. Visa and MasterCard generally require that all entities that accept their credit cards must accept them. Apple agreed not to develop the card network to compete against Visa and MasterCard, the people said.

But since then, customers have been slower to adopt Apple Pay than bank and card network executives expected. And some bank executives were outraged when Apple launched its own credit card with Goldman Sachs Group in 2019 Inc.,

People familiar with the matter said, because it made Apple a direct competitor.

Apple said in a statement that it “works closely with approximately 9,000 banking partners to offer Apple Pay to customers in approximately 60 countries and territories.”

Visa has shared its planned technological change with at least a few banks in recent months. A document reviewed by the Journal explains the new process that doesn’t mention fees, but details a change to so-called tokens issued by Visa for mobile-wallet payments.

When consumers load their credit cards on Apple Pay, Visa issues a special token that replaces the card number. This allows the card to work on Apple Pay and also helps protect the card in a potential data breach, among other benefits.

Visa is planning to start using a separate token on recurring automatic payments. This effectively means that after making the first payment on the subscription, Apple will not receive a fee on the following transactions.

According to people familiar with the matter, some of the larger banks first tried to lower their Apple Pay fees around 2017, but were not successful.

By: AnnaMaria Andriotis

AnnaMaria Andriotis reports on credit cards for The Wall Street Journal. She covers Visa, Mastercard, American Express and Discover as well as the big banks’ credit-card divisions. She also writes about consumer credit broadly, with a focus on issues that have a big impact on U.S. borrowers. She has been a reporter with The Wall Street Journal since 2014 and got her start at Dow Jones more than 10 years ago. You can email AnnaMaria at annamaria.andriotis@wsj.com and follow her on Twitter @AAndriotis.

Source: Businesshala News Exclusive | Apple Pay Fees Vex Credit-Card Issuers

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Related Contents:

Private Equity Investors Are Expecting a Tsunami of Deals – How Long Will It Last

A survey of private equity professionals released last Friday reveals these investors are turning their attention away from putting out fires and back to closing deals. This is positive news for entrepreneurs looking for an exit. However, don’t expect new investors knocking on your door anytime soon — most investors are focusing on closing deals they already have in the pipeline. There are also a few signs that investor confidence might be short-lived.

Related: A New Breed of Private Equity Investors Present More Exit Options Than Ever for Entrepreneurs

Investors will focus less on putting out fires

The survey was conducted by my firm, ECA Partners, which specializes in helping PE funds and their portfolio companies achieve their growth targets through a range of executive search, interim placement and consulting solutions. It is the third survey of PE professionals that ECA Partners has conducted since the lock downs began in April.

The most recent survey indicates that 50 percent of investors are expecting to spend more time over the next six months on portfolio company cost reduction and cash management, down from roughly 87 percent of investors holding the same view when surveyed in April and 81 percent in the May survey (see figure 1).

Related: Why Family-Business Entrepreneurs Should Embrace Private Equity Funding

A tsunami of deals

The survey reveals that PE investors are optimistic about closing deals over the next six months. About 61 percent of investors are expecting to spend more time closing deals over the next few months, up from 21 percent holding the same view in April and 28 percent in May. This is the first appreciable shift we’ve seen since the onset of Covid-19, one that suggests growing optimism about deal activity and the PE sector in general. .

This optimism is likely  influenced by a pickup in deal activity during the summer. Although deal activity ground to a halt in April and May, there were over 5,500 PE deals in the first nine months of 2020. This is the highest year-to-date number of deals since records began in 1980. However, these acquisitions were overall worth about six percent less than over a similar period in 2019, indicating that, under Covid, PE firms are focusing on smaller companies.

We are also seeing a smaller, though still significant, uptick in the sourcing of new deals. In April, deal sourcing plunged, with 61 percent of respondents telling us they expected to spend less time sourcing new deals than pre-Covid. This picked up to a degree in May, but has picked up more dramatically since as only 8 percent expect to spend less time sourcing new deals in our most recent survey.

Related: Six Ways In Which Private Equity Can Catalyze The Growth Of Your Business

How long will the acquisition spree last?

Although the increase in acquisitions is cause for optimism, concerns about the sector remain. Fundraising by PE firms has fallen by a fifth in the first three quarters of the year compared to 2019. This decrease in available funds will eventually mean fewer acquisitions across the PE sector. However, PE firms also entered the year with a $1.5 trillion cash pile, a record amount — something that could mitigate or at least delay the effects on deal activity from the 2020 decline in fundraising.

Because private equity deals are almost always partially financed by leverage, deal volume will also be driven by the willingness of lenders to underwrite deals. As noticed in Q2 of this year, traditional sources of acquisition financing tend to become less willing to underwrite deals as the degree of uncertainty in the economy increases. If 2020 has shown us one thing, it is the unpredictability of economic uncertainty, and how deeply it can be influenced by non-economic factors, such as the pandemic or political instability. It is thus easy to imagine scenarios in which further instability or another exogenous shock derails the current recovery and injects more uncertainty into the equation.

What this all means for entrepreneurs

If you are a business owner who’s thinking about selling your business, my advice to you is to think more about the big picture rather than trying to over-engineer every detail. Take a step back and think about how long you’d like to continue running your business. What are your life aspirations and financial needs? And then think long and hard to understand how flexible your plans are. For example, would you be willing to work a few years longer if deal activity drops again and you are not able to find the right investor for your business?

To illustrate, consider this famous example from the adjacent sector of VC-backed startups. In 2019, Uber CEO Dara Khosrowshahi was widely criticized for running a “train wreck IPO,” leading to what was called the biggest IPO flop in history. Critics pilloried Khosrowshahi for only fetching the bottom range of his $44 to $50 per share target price range at the IPO. A number of circumstances, including the poor post-IPO performance of its competitor Lyft two months earlier, led to the decision to come in at the low end of the target price for the over-subscribed IPO. Investors at other Silicon Valley companies, such as Postmates, saw this as a sign of the timing being poor and consequently postponed their IPOs.

But in hindsight, Khosrowshahi looks clairvoyant. How many of his 2019 critics now appreciate the fact that he took Uber public before the global pandemic reduced the demand for the company’s services?In other words, if you can avoid it, don’t sell a company you’ve worked hard to build in a fire sale. At the same time, if you are thinking about exiting, don’t lose sight of the forest for the trees. There are still plenty of buyers out there. As long as you are looking for a reasonable offer, you are likely to find a suitable buyer.

By: Atta Tarki Entrepreneur Leadership Network Writer

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Total worldwide debt is expected to continue growing over the coming months, despite having just climbed to a fresh all-time high. Given the three previous waves of global debt accumulation have all ended with financial crises, CNBC’s Sam Meredith takes a look at the risks associated with the latest build-up. Read more: https://www.cnbc.com/2020/01/14/globa…https://www.worldbank.org/en/research…https://www.iif.com/Research/Capital-… —– Subscribe to us on YouTube: http://cnb.cx/2wuoARM Subscribe to CNBC International TV on YouTube: https://cnb.cx/2NGytpz Like our Facebook page: https://www.facebook.com/cnbcinternat… Follow us on Instagram: https://www.instagram.com/cnbcinterna… Follow us on Twitter: https://twitter.com/CNBCi#CNBC#Debt#Economy

How to Make Smart Bets in Business

Business is full of bets, especially where investing is concerned. If you’re interested in rolling the dice by purchasing a business, making an angel investment in a startup or even allocating your hard-earned money for your first employee, it’s important to know what makes a smart bet and how to protect yourself from a worst-case scenario. It’s worth stating that even deciding to go into a business of your own is a form of a bet, and merits the same type of background due-diligence.

This may require testing or gaining new knowledge, but a thorough understanding is critical, especially with glaring statistics regarding the failure rate for startups at a whopping 50 percent, according to Small Biz Genius. With statistics like these, there’s no way to ensure success. However,  there are definitely ways to think through potential pitfalls in business models and feel more secure regarding where you invest your money and your time.

Related: Make Your Money Grow: How to get wealthy by Smart Investment

Verify demand through popularity

When it comes down to it, a sure bet in business is dependent upon how much customers want what it is that you’re selling. If you can do some market research and verify demand, you’re in good shape. Demand can come from the product’s value — such as its ability to solve a problem — or even from the person who’s selling the product, like a major celebrity who has established trust with millions of followers online. 

This is one of the reasons why big influencers and celebrities can land lucrative book deals. Publishers know that whatever they release will fly off the shelves. The demand from their fanbase is verifiable. Take comedian Amy Schumer, who landed a rumored $8-10 million book deal for 2016’s The Girl With the Lower Back Tattoo.

Verify demand through testing

If a celebrity or big-time influencer isn’t included in the equation and you’re just trying to figure out how a product will sell, try a “market as if it were real” test approach. According to Ron Rule from the Entrepreneur’s Handbook, this is because “the only way to truly know if someone is going to fork over their hard-earned cash to buy your product is to get it in front of them.” Otherwise, market research is all mere guesswork. It gets you more clarity than you would otherwise have, but it doesn’t mean much until a target customer’s wallet is involved. 

Rather than going through the hassle and added investment of actually building out the product and then seeing if there’s a demand, Rule recommends creating a prototype of the product in Photoshop, setting up an ecommerce website and then leaving your payment processing in test mode so that it doesn’t actually charge a potential customer’s credit card for a fictional item. 

Then, begin to direct ads to the page to see if customers actually buy. “Personally I would spend around $10,000 on a proper marketing test, but you can start with a lot less if you aren’t comfortable going that high right away,” Rule elaborates in his book. “I do recommend spending at least $1,000 because you want to get enough clicks and conversions for the data to mean something — trust me, it’s a heck of a lot cheaper to lose $1,000 on a marketing test than it is to lose tens or hundreds of thousands of dollars producing a product nobody wants.” 

Sometimes, the best bets require a smaller upfront investment first for a big payout on the back end.

Engulf yourself into the industry

The more you know about what you’re investing in, the more educated your bets can be, which usually pays off on the back end. This piece of advice comes from sports gambler Zach Hirsch. At 18 years old, Hirsch is regarded as one of the top-performing sports analysts in sports gambling, with a 90 percent accuracy rate in his predictions (which is over 20 percent higher than the industry average). 

Hirsch’s best advice on making sound bets is to “engulf yourself in the industry.” For Hirsch, he takes this piece of advice within the type of sport he’s betting on, but the advice carries for business investments, as well. “Learn everything there is to know, engage with the experts, and do whatever it takes to further your understanding of the craft,” Hirsch recommends. This advice can be extended to getting to know the founder of the startup you’re investing in or just ensuring you know as much as you can about your new industry, so you can see clearly how a product or service will perform. Do your backup research, then research some more. Keep having important conversations.

Related: How to Invest Your Hard-Earned Money in the Right Project

Even with verified demand and a thorough understanding of your industry, there’s no guarantee that your investment is 100 percent safe, but you’ll at least have the perspective to see potential bumps in the road or glaring stop signs in your betting decisions. These insights may make all the difference.

By: Aimee Tariq / Entrepreneur Leadership Network Contributor

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TikTok Reportedly Considering Instagram Billionaire Kevin Systrom For Vacant CEO Role

As TikTok and Oracle ORCL -0.7% work out an acquisition deal, the social media company is also thinking about who will be its next CEO after its last chief, Kevin Mayer, departed after only a few months.

One of the people in the running for the job is Instagram billionaire Kevin Systrom, who left Facebook in 2018, according to a New York Times NYT -1% story. The discussions between Systrom and Tiktok are only in the early stages, the Times reports. TikTok could not be reached to comment for this story. A spokesperson for Systrom declined to comment.

TikTok’s divestiture from its Chinese-owned parent company ByteDance very much remains a work in progress. Bloomberg reported this afternoon that the U.S. Treasury department has tentatively approved a deal that would leave TikTok’s U.S. operations largely in the hands of American stakeholders, including Oracle. ByteDance still needs to get approval from President Trump by Sunday, the day when a Trump-issued executive order goes into effect that would effectively ban TikTok in the U.S.

Mayer was seen as a strong choice when his hiring was announced in May. He had spent years at Disney DIS -1.2% overseeing its M&A deals and working on the launch of its streaming service, Disney+. But Mayer unexpectedly departed last month, saying he had not expected to be caught up in tensions between the U.S. government and China. Vanessa Pappas, TikTok’s general manager, has been serving as TikTok’s interim chief.

In Systrom, TikTok would get someone who has already created one social media giant—and someone immensely familiar with one of TikTok’s main rivals: Mark Zuckerberg. Systrom sold Instagram to Zuckerberg and Facebook in 2012 for almost $1 billion and then built it up to over a half-billion users before leaving.

Zuckerberg and Facebook clearly see TikTok as a threat already. Instagram has rolled out a number of new features that copy TikTok, including a short-form-video editing tool and changed its main feed to make it more like TikTok. In Washington, Zuckerberg reportedly stressed to politicians that TikTok was a threat to American users; Trump and other Republicans have expressed worry that TikTok may mishandle user data to satisfy the Chinese government.

Add Systrom to the mix, and the battle between TikTok and Facebook becomes one of the most intriguing rivalries in the corporate world.Follow me on Twitter. Send me a secure tip.

Abram Brown

 Abram Brown

Abram Brown is a senior editor at Forbes, where he covers social media and internet culture. In the past, he directed Forbes.com’s features coverage and edited across Forbes magazine. As a writer, he has reported from three continents—from the mines of Nigeria to the mansions of Greenwich. He has worked on over a dozen Forbes lists; profiled the 63rd, 153rd, and 478th richest person in the world; and once spent a delightful evening discussing murder mysteries over 25-year-old scotch with (top-earning author) James Patterson. Both men drink Macallan, and both believe the butler really did do it. 

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