Singapore Cryptoexchange Coinhako Scores Landmark Local Esports Deal

Singapore based cryptoexchange Coinhako has leapt into a landmark esports sponsorship deal in the city state, riding on the coattails of a recent global trend. 

The one-year deal sees Coinhako backing emerging local Mobile Legends team ALMGHTY, with half of the sponsorship value paid in Ethereum, the world’s second largest cryptocurrency. The deal covers Twitch streams, Facebook and Instagram content by the ALMGHTY team and players. The official FY 21/22 ALMGHTY jersey for the players will also be emblazoned with the Coinhako logo. It will run until July 2022. 

Naturally, ALMGHTY boasts a formidable presence of over 11m on social media and live streaming platforms across Southeast Asia, and Coinhako is banking on this to raise brand awareness across the region. 

Having recently announced a 500 per cent increase in trading volume for the first five months of 2021, mainly due to the booming interest from millennials. The company is striking when the iron is hot to further instil crypto confidence in a wider demographic through channels that appeal to individual interests. With the emergence of sponsorship dives between crypto and esports, Coinhako believes this collaboration will help in engaging with a younger audience. 

Following the deal, Yusho Liu, Cofounder & CEO, Coinhako, stated, “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 esports. 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.”

“As we continue to move forward in our mission of making cryptocurrencies accessible throughout Asia, this sponsorship will provide a boost in reaching a younger, mobile-first generation, and raising awareness through talented players in Singapore’s gaming industry.”

A recent global trend over the past year has been the emergence of major cryptocurrency players backing sports sponsorships. We have seen the likes of Coinbase, Socios.com, Crypto.com and FTX all plunge into major global sporting deals as crypto evolves into a mainstream speculative asset.