Crypto Industry Still Playing Deals Despite Market Collapse
Per Thursday’s announcement, bitcoin investment firm NYDIG has announced a partnership with the New York Yankees, an American professional baseball team.
The Stone Ridge subsidiary will serve as the team’s official payroll platform.
According to a survey conducted by the NYDIG, more than a third of employees under the age of 30 would be interested (at least partially) in paying in bitcoin.
NYDIG chief marketing officer Kelly Brewster claims that the most recent partnership will further boost its mission of “bringing bitcoin to everyone.”
Aryan Sobo, Yankees VP of human resources, employment and labor law, says the tie-up will help improve the employee experience.
Crypto companies spent a huge amount on sports sponsorships to promote their brands during the massive bull run last year. In late June, the New York Post reported that some deals had been canceled this year following a drop in cryptocurrency prices.
In May, the Washington Nationals became the subject of a joke after posting a video titled “Crypto 101” promoting the Terra cryptocurrency. weird part? This happened after the cryptocurrency bail-up happened.
The team signed a $40 million deal with Terra a few months before the project’s collapse. The tweet, made at the wrong time, suggested that Nuts, who had previously received the money, did well on the terms of the partnership, despite the fact that the cryptocurrency lost all of its value. Maybe whoever managed the team’s social media was oblivious to the fact that their partner had broken up.