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Crypto.com has hired LeBron James for $1 billion in its bid to become as large as Instagram

LeBron James is the newest superstar to join cryptocurrency exchange Crypto.com’s splashy marketing campaign, which also features actor Matt Damon and naming rights to a Los Angeles sports facility.

The LeBron James Family Foundation (LJF) and Crypto.com announced a multiyear agreement on Friday to support Web3-related “educational and professional development initiatives” that assist students and families create a “solid foundation in Web3 and…blockchain-based decentralised apps.”

Web3—or Web 3.0—refers to what some envisage as a more egalitarian and fair internet. Supporters argue that it is decentralised, providing users greater power.

Crypto.com’s Collaborations

Crypto.com’s collaboration with James is part of the company’s recent marketing push, which has included Hollywood luminaries and has cost the company more than $1 billion.

In November, the Singapore and Hong Kong-based exchange agreed to pay $700 million to have its name emblazoned atop the old Staples Center, which housed the NBA’s Los Angeles Lakers (James’ franchise) and Clippers. The firm earns a share of crowd purchases at the venue as part of the stadium naming rights agreement—more if the transactions are completed using Crypto.com’s app.

In October, Crypto.com debuted television advertising showing Damon, a corporate investor who has become the brand’s face. The business paid $100 million to create the Damon-led campaign, which will also include NBA player Carmelo Anthony, mixed martial artist Ronda Rousey, and South Korean musician Lee Chae-rin, nicknamed CL.

Crypto.com declined to comment on whether James will feature in a commercial as part of the new collaboration.

According to Bloomberg, the corporation has also invested $400 million in different sports sponsorship deals, including with the Ultimate Fighting Championship (UFC), Formula One motor racing championship, and premier ice hockey, football, and soccer clubs.

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