On January 26, Gen.G, a global esports organization, announced its new partnership with Bithumb, a South Korean cryptocurrency exchange. Through Twitter, Gen.G told its fans that they will be waiting for new opportunities thanks to the partnership. The major esports organization that connects the US and Asia, disclosed that Bithumb intends to bring new experiences to fans through the sponsorship of various Gen.G teams.
Based on the partnership, Gen.G and Bithumb will work on various strategic collaborations, such as promoting joint marketing activities and providing creative and innovative experiences that bridge the growing crypto and esports industries. The partnership will see Bithumb sponsoring Gen.G's Overwatch and PUBG teams.
Additionally, Bithumb joins Gen.G's list of partners such as Monster Energy, ROCCAT, SIDIZ gaming chairs, LG Ultragear and PUMA.
Martin Kim, the Chief Revenue Officer of Gen.G, said: "Gen.G has been leading the growth of the esports and gaming industries by collaborating with diverse and non-endemic brands. The Web 3.0 wave has reached all sports, both esports and traditional, but there's still much work to be done to get it right. We needed to find a partner who understood this space and could help us navigate the blockchain landscape, so we are thrilled to partner with an industry leader like Bithumb."
Meanwhile, Back Young Heo, the CEO of Bithumb, added: "Both virtual assets and esports are rapidly growing industries that are led by the passionate up and coming generations. Bithumb will actively contribute to the cultural growth and future of this generation, starting with this partnership of top global esports and gaming organization, Gen.G."
Why Crypto Firms Target Sport Sponsorships
The move by Gen.G and Bithumb to embrace the partnership occurs at a time when many crypto firms are rapidly becoming some of the largest sponsors and advertisers in sports. This trend happens as cryptocurrency companies seek to reach new audiences and push further into the mainstream. In contrast, sports organizations look to generate extra finance as currently sports activities have been adversely affected by the Covid-19 pandemic.
This month, Crypto.com signed a five-year partnership with the Australian Football League. The partnership sees the crypto exchange serving as a partner of both the Toyota AFL Premiership Season and NAB AFLW competitions. In October last year, FTX Trading Limited, a Bahamian-based crypto exchange, announced a global partnership with the International Cricket Council (ICC), the governing body of cricket. FTX is now the official crypto exchange partner for ICC events. In November last year, Team Liquid, a North American esports organization, announced a four-year partnership with Coinbase cryptocurrency exchange. For the next four years, the two firms will collaborate on multiple projects and integrations and develop technology that enhances the overall fan experience.
