Bybit has secured new contracts with esports organizations Astralis and Alliance that may see the cryptocurrency trade develop its footprint within the online game business.
Bybit may have its emblem featured on gaming jerseys and twitch.television streams as a part of a broader strategic initiative focusing on extra expansive participant engagements, carbon neutrality initiatives and monetary teaching programs, the trade introduced Monday.
Ben Zhou, co-founder and CEO of Bybit, mentioned his firm “is in it for the long term,” referring to esports. He believes there’s a “particular connection” between the esports and cryptocurrency communities for his or her excessive diploma of competitiveness and fast adoption curves.
As a part of the deal, Astralis and Alliance will ship expertise to the upcoming World Collection of Buying and selling, which is an annual gamified cryptocurrency buying and selling competitors hosted by Bybit. Gamers will compete for a prize pool of as much as $7.5 million, which is roughly 5 occasions the earlier yr’s sum.
Bybit has been increasing its footprint within the esports business, having solely not too long ago signed an unique partnership with NAVI, a Ukrainian esports group identified for its Counter Strike, FIFA and Apex Legends competitions.
Different cryptocurrency exchanges have acknowledged the potential of esports. As Cointelegraph reported, main derivatives trade FTX not too long ago signed a seven-year deal with skilled esports league the League Championship Collection LCS. In June of this yr, FTX sealed a naming rights take care of esports big TSM valued at $210 million.
Whereas estimates differ, the projected market dimension of the worldwide esports business is over $1 billion in 2021. Different estimates counsel the business income might prime $6 billion over the subsequent six years. Though these figures are small when put next with the worldwide online game business, they signify vital progress for a sub-sector that was barely recognizable from just some years in the past.