Cryptocurrency Exchange Bybit Inks Esports Agreement with Astralis & Alliance
Bybit has signed new partnerships with esports teams Astralis and Alliance, expanding the cryptocurrency exchange’s presence in the video game sector. According to the exchange, Bybit’s branding will appear on gaming jerseys and twitch.tv broadcasts as portion of a wider strategic effort aimed at expanding player interactions, carbon neutrality efforts, and financial education plans.
Bybit co-founder and CEO Ben Zhou said that his business is “in it for the long term” when it comes to esports. He sees a “unique link” between both the esports and cryptocurrency sectors due to their high levels of competition and rapid adoption rates.
As portion of the agreement, Astralis and Alliance will give authority to the forthcoming World Series of Trading, a game – based cryptocurrency trading event sponsored by Bybit. Players will vie for a prize pool of maximum $7.5 million, which is approximately five times the amount awarded in the earlier year.
Bybit has just struck a distinct collaboration with NAVI, a Ukrainian esports group renowned for its Counter-Strike, FIFA, and Apex Legends tournaments.
Other bitcoin exchanges have noticed esports’ appeal. Notably, major derivatives exchange FTX has inked a seven-year agreement with professional esports league League Championship Series LCS. In June 2021, FTX agreed to a $210 million naming rights agreement with esports behemoth TSM.
While numbers vary, the worldwide esports business is expected to be worth more than $1 billion by 2021. According to some projections, the industry’s income may exceed $6 billion over the following six years.Even though these numbers are insignificant in comparison to the worldwide video game sector, they indicate substantial development for a sub-sector that was hardly recognized only a few years back.