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NRL and Swyftx, an Australian cryptocurrency exchange, signed a three-year deal

Swyftx will also become the “official exchange partner of the NRL” as part of the “major investment.”

  • Swyftx has been named the National Football League of Australia’s official exchange partner.

While financial terms of the agreement were not disclosed, a Swyftx spokesperson stated that it was the “largest crypto sports sponsorship” in the country. Swyftx, one of Australia’s fastest-growing cryptocurrency exchanges, has agreed to a three-year deal with the National Rugby League (NRL) for an undisclosed sum.

According to a press release issued on Wednesday, the agreement establishes Swyftx as the league’s “official exchange partner,” with options to extend beyond 2026. According to the company, the Swyftx brand will appear on LED signage in stadiums as well as virtual signage broadcast to more than 100 million viewers per year.

“This is a watershed moment for the NRL and Swyftx, and it marks a significant milestone for the Australian crypto industry,” Swyftx CEO Ryan Parsons said. “It’s clear that crypto and digital asset investing are now part of a typical portfolio, and it’s wonderful to see Australians embrace this new technology.”

The exchange will also become the naming sponsor for the NRL’s decision board a sign that displays “try” or “no try” when a team scores which will be renamed “Swyftx Bunker” in 2023 as part of the “major investment.”

While the price of the deal was not disclosed, a Swyftx spokesperson stated that it is more than $25 million (US$18 million) deal struck by Singapore-based exchange Crypto.com with the Australian Football League (AFL) last month.

“We believe it is Australia’s largest crypto sports sponsorship,” a spokesperson said.

Crypto.com signed a sponsorship agreement with the AFL in January, making the company the official crypto exchange partner of the AFL and the women’s AFLW league. Deals between sporting organizations and crypto businesses, specifically exchanges, are becoming more common.

When asked if the agreement was in response to Crypto.com’s push for a larger share of crypto advertising in the country, a Swyftx spokesperson said the company had “already been looking for the right big-name partnership for a while.”

“It is undeniably an indication of growing confidence in the future of cryptocurrency and the significance of brand recognition,” they said. “With millions of viewers each year, the NRL provides us with a golden opportunity to announce ourselves and say we’re here to help Aussies embrace these new technologies.”

Swyftx’s rise to prominence can be seen in the 1200 percent increase in its customer base last year. According to the company, customer numbers increased from around 40,000 at the start of 2021 to more than 500,000 by the end of the year.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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