Crypto.com has struck an exclusive, four-year deal to provide sponsorship as a founding partner of Angel City Football Club (ACFC), a Los Angeles-based women's soccer team.
The move marks the first direct sponsorship of a professional women’s sports team by a major cryptocurrency platform.
The Singapore-based exchange said in a release that the sponsorship deal would increase access and awareness of cryptocurrencies, blockchain, and Web3 technologies among LA soccer fans, ACFC players, and across the broader ACFC organization.
Sports Business Journal reported, citing sources, that the deal was in "the low seven figures per annum."
The new team is expected to take to the pitch in 2022.
Crypto.com joins a star-studded lineup of founders, including Oscar-winning actress Natalie Portman; tennis star Serena Williams; actresses Jennifer Garner and Eva Longoria; YouTuber Casey Neistat; as well as 15 former members of the female US National scoccer team.
“Since day one Angel City has committed to being a leader in women’s football by promoting innovation that propels the game forward,” said Alexis Ohanian, Seven Seven Six founder and a founding investor into ACFC.
“This thinking has driven our decision-making — from our community outreach efforts to our partnerships, down to the personnel we’ve hired — we continue to deliver on that promise daily."
Ohanian, who co-founded Reddit, said the partnership is a "turning point" for women's sport and signifies the "growing recognition of the power and influence they wield."
The deal follows the announcement of a 20-year agreement with AEG to rename Staples Center in Los Angeles to Crypto.com Arena. A source familiar with the matter told The Block in November that the deal cost the exchange $700 million, making it one of the largest sponsorship deals in sports history.