Crypto exchanges diving into esports sponsorships to engage young digital natives

Bybit, a cryptocurrency exchange based in Singapore, announced today a multi-year partnership with popular esports team NAVI (“Natus Vincere”), which will display Bybit’s logo on NAVI’s jerseys as well as charity initiatives, school projects, and anti-hate and anti-bullying campaigns.

Fast facts

• “The Covid-19 pandemic has changed many established conventions in a number of human experiences,” said Ben Zhou, co-founder and CEO of Bybit. “Both sports and finance have witnessed the exponential pace of mainstreamization of two new entrants — esports and cryptocurrency.”

• The partnership with NAVI marks Bybit’s entry into esports collaborations, Bybit said in a statement. The sponsorship will also include financial education resources for gamers looking to diversify and invest in digital currencies.

• “Cryptocurrency and esports have much in common: They are new, fast-growing and interesting to keep watch and learn,” said Alexander Pavlenko, NAVI’s chief marketing officer. NAVI boasts a 18.4 million fan base and close to 600 million total video views on YouTube.

• Gaming and esports analytics firm Newzoo projects that the esports sector will become a billion-dollar industry in 2021 and see around 200 million new gamers by 2024.

• In a bid to engage the young and digitally savvy esports community, other cryptocurrency exchanges including Hong Kong-based FTX and Singapore-based Coinhako have also launched similar esports sponsorship initiatives.

• Earlier this month, Coinhako announced its sponsorship — half to be paid in Ethereum — of the Mobile Legends team ALMGHTY, an up-and-coming Singapore esports squad.

• “The decision to embark on the first cryptocurrency funded sponsorship in esports, and the first by a crypto firm in Singapore, wasn’t a difficult one to make as it merges two of the hottest topics of 2021, i.e. cryptocurrencies and e-sports,” said Yusho Liu, co-founder and CEO of Coinhako. “As we continue to move forward in our mission of making cryptocurrencies accessible throughout Asia, this sponsorship will provide a boost in reaching a younger, mobile-first generation, and raising awareness through talented players in Singapore’s gaming industry.”