Lakers star LeBron James is partnering with Crypto.com to teach kids about blockchain technology and something called “Web3.”
In a joint announcement on Friday, Crypto.com and LeBron James’s nonprofit, the LeBron James Family Foundation (LJF), announced a multiyear partnership to support Web3-related “educational and workforce development opportunities” that help students and families develop a “strong foundation in Web3 and blockchain-based decentralized applications.”
Blockchain technology is revolutionizing our economy, sports and entertainment, the art world, and how we engage with one another.
LeBron James
We're proud to partner with @KingJames and the @ljfamfoundation.
— Crypto.com (@cryptocom) January 28, 2022
Together, we're increasing educational and workforce development while delivering the tools and access that will empower the next generation to build a better and more inclusive future.https://t.co/tiLwHRQnFd pic.twitter.com/85NrBaNvIS
Crypto.com did not immediately provide any details on whether James would appear in a commercial as part of this new partnership.
Currently, Crypto.com is ranked 5th in terms of trading volume, with a 24-hour trading volume of $3 billion. The company has over 10 million users. There are however, some users who do not support Crypto.com’s development. The company faced criticism from those who argued that instead of allocating funds to such partnerships, it should have focused more on improving the customer experience.
The Singapore and Hong Kong based exchange announced in November that it had reached a $700 million agreement to put its logo on the former Staples Center, home to the NBA’s Los Angeles Lakers (James’s team) and Clippers. In exchange for the arena naming rights, Crypto.com receives a portion of audience transactions at the venue a higher portion if the transactions are made through Crypto.com’s app.
To promote the company, Crypto.com premiered a series of commercials starring Damon, who has become the face of the brand after becoming an investor in the company. It is estimated that the company spent $100 million to produce the Damon led series of ads, which will also feature MMA fighter Ronda Rousey, NBA star Carmelo Anthony, and South Korean rapper Lee Chae-rin, aka CL.
As reported by Bloomberg, the company has also invested an additional $400 million into various sports endorsement deals, including those with the Ultimate Fighting Championship (UFC), the Formula 1 motorsport championship and elite ice hockey, football, and soccer teams.
