Coinhako will provide ALMGHTY a sponsorship partially in Ethereum crypto.
Singapore’s crypto trading platform Coinhako is getting into esports and is sponsoring Mobile Legends team ALMGHTY, an up-and-coming Singapore esports squad.
What’s different or new about this sponsorship is that approximately half of the sponsorship value is paid in Ethereum, the world’s second largest cryptocurrency by market capitalization.
This marks the first cryptocurrency funded esports sponsorship in Singapore, the company said in an announcement. The sponsorship will run from July 2021 until the next esports cycle in July 2022.
“The decision to embark on the first cryptocurrency funded sponsorship in esports, and the first by a crypto firm in Singapore, wasn’t a difficult one to make as it merges two of the hottest topics of 2021, i.e. cryptocurrencies and e-sports. Furthermore, as a homegrown company, we believe in supporting local talents which make Singapore proud on the regional stage. The multi-talented ALMGHTY squad certainly embodies these elements and Coinhako is excited to embark on this sponsorship with ALMGHTY,” said Yusho Liu, Cofounder & CEO, Coinhako.
According to the company’s media statement, the sponsorship will see ALMGHTY leverage the large regional fanbases of their players on social media to drive Coinhako’s presence throughout Southeast Asia. This will cover Twitch streams, Facebook and Instagram content by the ALMGHTY team and players. The official FY 21/22 ALMGHTY jersey for the players will also sport the Coinhako logo.
Collaborations between cryptocurrency giants and the sports industry have risen in popularity over the past few months, including Coinbase and CS:GO, UFC and Crypto.com, and many more.
