Sports sponsorship helps legitimize crypto in Australia – Coinjar exec
CoinJar's Luke Ryan Says Sports Partnerships "Help Divert Crypto's Image From What It Isn't there only as a speculative mania".
Interview
Sponsorship of high profile sports and teams can be key to legitimizing the crypto industry to the general public, according to Luke Ryan, head of content at Australian crypto exchange CoinJar.
In May 2021, the exchange became the first crypto firm in Australia to sponsor an Australian Football League (AFL) club by partnering with the Melbourne Demons.
Speaking to Cointelegraph at the Australian Crypto Convention on September 18, Ryan remarked that the AFL partnership has changed the discussion of cryptocurrency in the country and that "it gives cryptocurrency a greater sense of permanence".
"Maybe before this real punch in mainstream sports, it was very easy for a lot of people to think 'oh, this cryptocurrency thing, it's going to go away, or it's already gone' "", did he declare.
"There's a real statement of intent from the industry, not necessarily about 'we sponsor this team, then we get X number of new users', it's more about sponsoring this team because that we want to show the world that we're companies with consequences, with long-term plans and visions, and one way to show that is to align with a truly established presence.”
Ryan believes sports partnerships also provide crypto companies with the opportunity to innovate in terms of user base and adoption.
He noted that part of what prompted CoinJar to partner with an AFL team was the idea of promoting crypto and the exchange “outside established true believers who already have their favorite platforms".
"At some point, you're all hacking the same market," he added.
"It's a real topical question for cryptocurrency as a whole, how do we get from this 5-10% that we're talking about now, to the 20-50%, and we started to think a little more what it might look like to start getting more actively involved in sponsorship."
The partnership between CoinJar and the Melbourne...
CoinJar's Luke Ryan Says Sports Partnerships "Help Divert Crypto's Image From What It Isn't there only as a speculative mania".
Interview
Sponsorship of high profile sports and teams can be key to legitimizing the crypto industry to the general public, according to Luke Ryan, head of content at Australian crypto exchange CoinJar.
In May 2021, the exchange became the first crypto firm in Australia to sponsor an Australian Football League (AFL) club by partnering with the Melbourne Demons.
Speaking to Cointelegraph at the Australian Crypto Convention on September 18, Ryan remarked that the AFL partnership has changed the discussion of cryptocurrency in the country and that "it gives cryptocurrency a greater sense of permanence".
"Maybe before this real punch in mainstream sports, it was very easy for a lot of people to think 'oh, this cryptocurrency thing, it's going to go away, or it's already gone' "", did he declare.
"There's a real statement of intent from the industry, not necessarily about 'we sponsor this team, then we get X number of new users', it's more about sponsoring this team because that we want to show the world that we're companies with consequences, with long-term plans and visions, and one way to show that is to align with a truly established presence.”
Ryan believes sports partnerships also provide crypto companies with the opportunity to innovate in terms of user base and adoption.
He noted that part of what prompted CoinJar to partner with an AFL team was the idea of promoting crypto and the exchange “outside established true believers who already have their favorite platforms".
"At some point, you're all hacking the same market," he added.
"It's a real topical question for cryptocurrency as a whole, how do we get from this 5-10% that we're talking about now, to the 20-50%, and we started to think a little more what it might look like to start getting more actively involved in sponsorship."
The partnership between CoinJar and the Melbourne...
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