Crypto companies grabbed the spotlight during the 2022 Super Bowl, with some dubbing it the “Crypto Bowl.” Since then, the industry has been humbled by a massive downturn. Here’s where the crypto companies that advertised in last year’s game are now.
While Crypto.com still is operating, the company is significantly less healthy than it was a year earlier.
The Singapore-based company announced in January that it was laying off 20% of its workforce, on top of layoffs implemented in late 2022. The company also disclosed that a significant part of its assets were tied up in low-quality cryptocurrency coins like the Shiba Inu Coin. Like FTX, Crypto.com tried to make a name for itself through sports sponsorships. The company spent $700 million for the naming rights to the former Staples Center, where the Los Angeles Lakers play. It’s now the Crypto.com Arena. The company’s 2022 Super Bowl ad featured basketball superstar LeBron James, with the tagline “fortune favors the brave.”Crypto.
a New York State investigation into whether it was allowing users to sign up for accounts without adequate background checks. The Securities and Exchange Commission is also looking into whether to ban the cryptocurrency practice of “staking,” which had been big business for Coinbase in the past.The fourth crypto company to have a Super Bowl ad last year was eToro. The company, based in Israel, ran an adUnlike FTX, Coinbase and Crypto.
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