Bybit has signed new partnerships with the esports teams Astralis and Alliance, allowing it to grow its presence in the video game sector. This revelation comes few days after it signed a deal with Ukrainian esports team NAVI.
As part of a bigger strategic drive aimed at more expansive player engagements, carbon neutrality measures, and financial education programs, Bybit will have its logo included on gaming jerseys and twitch.tv feeds, the exchange stated Monday.
Bybit’s co-founder and CEO, Ben Zhou, said his company is “in it for the long haul” when it comes to esports. Because of their high level of competitiveness and rapid adoption rates, he believes there is a “unique link” between the esports and cryptocurrency communities.
As part of the agreement, Astralis and Alliance will send talent to Bybit’s annual gamified cryptocurrency trading competition, the World Series of Trading.
Players will compete for a prize pool of up to $7.5 million, which is nearly five times the amount awarded the previous year.
Bybit has been growing its esports presence, most recently signing an exclusive collaboration with NAVI, a Ukrainian esports organization known for its Counter-Strike, FIFA, and Apex Legends contests.
Esports’ potential has been recognized by other cryptocurrency exchanges. Prominent derivatives exchange FTX just struck a seven-year partnership with the League Championship Series LCS, a professional esports league. FTX signed a $210 million naming rights deal with esports behemoth TSM in June of this year.
While estimates vary, the worldwide esports sector is expected to be worth more than $1 billion in 2021. According to some projections, the industry’s income might reach $6 billion in the next six years.
These figures are tiny in comparison to the worldwide video game business, but they reflect substantial growth for a segment that was barely recognizable only a few years ago.
