Brisbane-based crypto exchange Swyftx has penned a major three-year sponsorship deal with the Australian National Rugby League (NRL).
Swyftx is registered in Australia and New Zealand and offers trading services for around 300 digital assets. The firm was founded in 2018 and the NRL deal marks another major milestone for promoting the local crypto and blockchain sector to sports fans, with the Australian Football League women’s competition already signing with Crypto.Com for $25 million over five years.
The latest deal will cover NRL, Women’s NRL (NRLW), State of Origin and All-Star games. There is also an option for a fourth-year extension to the end of 2026.
Swyftx’s branding is set to be featured on LED signage in stadiums and virtually via TV broadcasts, while its name will also be displayed on the NRL's in-game review and decision board which is set to be named the “Swyftx Bunker” in 2023.
Swyftx CEO Ryan Parsons told Cointelegraph that Australia is “witnessing an almost overnight mainstreaming of crypto” as he emphasized the significance of the deal:
“The partnerships we’re seeing at the moment represent a sign of growing confidence in the future of crypto and its potential for universal adoption. The real question now isn’t whether cryptocurrency is here to stay, but how quickly it reshapes the future of the global economy and traditional financial services.”
Questioned on why crypto exchanges such as Swyftx, Crypto.com and FTX actively seek out sporting partnerships, Parsons outlined that the “mass appeal of sport means it’s a hugely important way for exchanges to announce themselves” and obtain mainstream recognition from the traditional finance sector.
“Exchanges are effectively saying that ‘we’re here and we’re supporting people to embrace new technologies and opportunities,’” he said.
Moving forward in 2022, Parsons stated that he expects the crypto sector to take market share from banks and traditional finance :
“We saw that process begin in 2021, it’ll only extend and deepen into this year as you get more product offerings into the market that provide hyper-competitive alternatives to existing bank products.”
The CEO stated that crypto is no longer a niche topic in Australia and that the target demographic is becoming harder to define as the market sees rapid adoption by all kinds of people across the country.
“We’re also seeing a shift in demographic reach so you can no longer really point to a "typical" crypto owner in the country. Our expectation is that regulation could accelerate this process, especially in terms of business adoption. But it really does depend on the form the regulation takes,” he said.