CEX’s deals with Premier League teams are expensive marketing strategies. However, I’m more interested in what it actually costs BYDFi to make this deal.
Scrutiny.
If you are a company and sign a multi-year deal with a club that big, you enter into a very public fishbowl.
”They’re [ BYDFi ] an ambitious, forward-thinking brand whose mission to help people build their financial futures really resonates with us,” said Newcastle United’s Chief Commercial Officer, Peter Silverstone.
That exposure trickles down because they’re being watched.
Six Years In Crypto Is A Long Time
Here’s a detail that you most likely dont know. BYDFi launched in 2020.
In crypto, six years is ancient.
You just need to think about how many exchanges opened with big promises in the last few years.
In 2021, FTX landed a huge deal with the NBA’s Miami Heat.
In February 2022, FTX’s chief executive bought a Super Bowl ad that promises to give away millions in bitcoin. “We are really coming from behind on name recognition,” Bankman-Fried said in November 2021.
In November 2022, FTX filed for bankruptcy, and its founder resigned as chief executive. In its bankruptcy petition, FTX said that it has $50bn in assets.
BYDFi is still here. This means that they’re definitely planning for the next decade.
When the World Is Watching, the Little Things Are Better
BYDFi is tied to a Premier League club.
“We’re honoured to support a mindset where belief meets steady practice,” Michael Hung, Co-founder and CEO of BYDFi, said in a press release.
When your logo is on a Premier League club’s shirt, pressure comes.
This pressure includes:
- excellent server uptime;
- clear communication;
- compliance paperwork;
- identification;
- rug pulls protection;
- withdrawal processing times.
What This Actually Means For Ultras
Corporate strategies and soccer teams are important for Premier League fans who want to buy some crypto.
Most fans dont have six monitors in their homes with a heart rate strap. Me included. They’re checking a price after dinner. Maybe place a small spot order.
We want things to just work.
No error codes. No rugg pulls, if possible (I have experienced so many).
No clicking 100x leverage.
The Newcastle deal raises the bar for BYDFi.
There’s a people angle also worth mentioning.
If you are a Newcastle fan, it makes the whole thing feel less alien. So, ultras start to trust new financial tools.
DYOR
Doing your own homework is my number one tip for you, and it is important in all aspects of life. Figure out which CEX is serious.
A six-year-old exchange that has a deal with Newcastle United FC looks safe enough for me. This presents some clues about how they expect to hold up under the attention.
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I am Bulgarea Candin Stefan, and I founded FamousPeopleToday.com in 2018. I’m using my bachelor’s degree in economics and 9 years of experience in blogging to guide millions of people through the incredibly complex world of celebrity net worths.