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New York Yankees Ink Partnership with Leading Bitcoin Company

Thu, 07/14/2022 - 14:36
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Alex Dovbnya
Cryptocurrency industry is still scoring sports deals despite collapsing market
New York Yankees Ink Partnership with Leading Bitcoin Company
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Bitcoin investment firm NYDIG has announced a partnership with the New York Yankees, an American professional baseball team, according to a Thursday announcement.

The Stone Ridge subsidiary will serve as the team's official payroll platform.

According to a survey conducted by NYDIG, more than one-third of employees under 30 would be interested in getting paid in Bitcoin (at least partially).

Kelly Brewster, chief marketing officer at NYDIG, claims that the most recent partnership will further promote its mission of "bringing Bitcoin to all."

Aryn Sobo, Yankees VP of human resources, employment and labor law, says that the tie-up will help to improve employees' experience.

Cryptocurrency companies spent a vast amount of money on sports sponsorships last year in order to promote their brands during the massive bull market. In late June, the New York Post reported that some deals were nixed after cryptocurrency prices plummeted this year.

In May, the Washington Nationals became the subject of mockery after posting a video called "Crypto 101" meant to promote the Terra cryptocurrency. The awkward part? This happened after the cryptocurrency went belly-up.

The team signed a $40 million deal with Terra just a few months before the collapse of the project. The ill-timed tweet suggested that the Nats, who received the money up front, made good on the terms of the partnership despite the fact that the cryptocurrency lost virtually all of its value. It is possible that whoever managed the team's social media was oblivious to the fact that their partner had gone broke.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.