Ledger Deal with NBA Team is Latest Sign of Crypto Sports Partnership Revival
The San Antonio Spurs have signed a multi-year sponsorship deal with Ledger, a hardware wallet manufacturer, marking a resurgence in crypto sports partnerships. The Spurs will feature Ledger-branded patches on their jerseys. Ledger aims to enhance community engagement efforts in France as part of the agreement. Ledger CEO Pascal Gauthier emphasized the importance of the U.S. market and the connection between the Spurs and France, particularly through star center Victor Wembanyama. Crypto companies increased spending on sports sponsorships by 20% to $565 million for the 2024/25 season, with football initiatives dominating new deals. Uniform branding deals represent 37% of crypto sports partnerships. This growth contrasts with late 2022 when Web3 firms reduced or canceled partnerships due to adverse market conditions following FTX's collapse.
