The New York Giants joined forces with the largest digital asset manager in the space, Grayscale Investments marking NFL’s first-ever cryptocurrency partnership.
What Happened: The Giants announced the exclusive partnership on Wednesday, calling Grayscale the team’s “Official Digital Currency Asset Management Partner”.
"Our partnership with the Giants is incredibly meaningful because our roots are in New York," said Grayscale CEO, Michael Sonnenshein.
In light of partnership, Grayscale will also be the Giant’s home game sponsor, supporting sponsor of the Giant’s training camp, and host educational seminars on cryptocurrencies for Giant’s personnel.
“We determined that we not only wanted a partner that understood the value of aligning with the Giants brand but also could guide us in navigating the cryptocurrency ecosystem,” said New York Giants Chief Commercial Officer Pete Guelli.
Grayscale has over $46.65 billion assets under management and manages the largest Bitcoin fund in the market – The Grayscale Bitcoin Trust (OTCMKTS: GBTC).
Why It Matters: With an overall market cap of over $2 trillion, cryptocurrencies have garnered a new wave of interest from a number of industries ranging from banks to sports organizations.
Earlier this year, Hong-Kong-based crypto exchange FTX won the naming rights to Miami Heat’s home arena. The $135 million deal will see the iconic “AA Arena” renamed to become the “FTX Arena.”
The National Hockey League also partnered with another Hong Kong-based crypto exchange Crypto.com in March. The deal involved Crypto.com’s branding displayed at center ice at the team’s home rink.