Apr 8, 2022 - Sports

Dallas Rangers sign landmark crypto sponsorship deal

Globe Life Field from above

Globe Life Field with the roof pulled back. Photo: Tom Pennington/Getty Images

The Texas Rangers now have a cryptocurrency partner in Trade The Chain, which paid for the deal entirely in digital currency, including bitcoin and ether.

Why it matters: The team and the trading community say the deal is likely the first in the MLB paid entirely in cryptocurrency.

  • Cypto isn’t a fad, and is only growing in prominence. This deal will likely expose more sports fans to digital currencies.

Zoom out: The Oakland A’s are the first major league team to sell a suite for bitcoin.

  • The NFL has announced it would allow teams to seek sponsorships from blockchain, the technology behind cryptocurrencies, per CNBC. However, the league still bans digital currency promotions.
  • The Dallas Mavericks announced last year a five-year partnership with a cryptocurrency brokerage platform.

Details: Fans attending games will see signs for the trading community behind home plate and on the mound.

  • Trade The Chain did not disclose how much it paid for the deal.

What they’re saying: Receiving the first portion of cryptocurrency “was a truly momentous occasion for our partnerships and finance departments, and the entire Rangers front office," Texas Rangers chief operating officer Neil Leibman said in a statement.

Yes, but: Fans won’t be paying for their hot dogs and beers with crypto, yet.

  • Trade The Chain co-founder Ryan Gorman said partnerships paid in crypto will make it easier for sports venues to eventually accept digital payments.
  • "Once the Rangers or any other team are comfortable being able to accept it on a large scale, being able to accept it on a small scale is pretty straight forward," Gorman tells Axios.

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