Cryptocurrency exchanges are officially aiming for the mainstream, with Crypto.com and FTX both planning to run ads during the Super Bowl, the most watched annual television event in the country.
The Wall Street Journal first reported the two companies' ad buys.
Singapore-based Crypto.com has been especially active in getting its name out there: The company purchased the exclusive naming rights for what was formerly known as the Staples Center arena in Los Angeles for $700 million over 20 years.
Super Bowl advertisements are the most expensive in the world with the price of a 30-second commercial during the NFL championship game costing $5.5 million last year.
The Journal reports that NBCUniversal, which is part of Comcast (CMCSA) - Get Comcast Corporation Class A Report and holds the rights to broadcast the Super Bowl in February, is seeking at least $6.5 billion for 30 second spots.
Cryptocurrencies have their breakthrough moment with bitcoin prices reaching record highs in recent months. Now, Crypto.com and FTX are looking to capitalize on digital currencies' moment in the sun.
“There’s a lot of people saying crypto is a fad, just the way they said the internet was a fad,” Steven Kalifowitz, Crypto.com's chief marketing officer, told the Journal. “Crypto is really the basis of the next version of the internet.”
Earlier this year, FTX paid $135 million for a 19-year contract for the naming rights for the NBA's Miami Heat arena in South Beach.
In September, FTX announced that it had secured NFL star Tom Brady and his model wife, Gisele Bundchen, to star in a $20 million ad campaign.
Competition within the crypto exchange market is also driving the increase in advertising, with more than 500 crypto exchanges jockeying for recognition, according to Cryptimi.