In a bid for mainstream adoption and global visibility, cryptocurrency startups have signed approximately 87 sports sponsorship deals over the past three years. Research from data provider CoinGecko reveals that many of these partnerships were forged with European football clubs, with 33 agreements established since 2021. Renowned clubs such as Manchester United and Chelsea have offered valuable exposure to crypto sponsors, especially during high-profile events like the UEFA Champions League and the FIFA World Cup.
The motorsports sector has also seen substantial involvement from cryptocurrency firms. Before its collapse, FTX secured a multi-year deal with the Mercedes Formula 1 team, while Bybit and Red Bull Racing announced a $150 million partnership in 2022. Furthermore, F1 designated Crypto.com as its official digital asset partner in a separate $100 million agreement, highlighting the growing intersection of crypto and sports.
Esports has emerged as another area of focus, with FTX investing $210 million in Team SoloMid in 2021. Other major players, such as Coinbase, have also made similar commitments. Additionally, sports like basketball, competitive combat, baseball, American football, and cricket have engaged with crypto service providers, aiming to reach larger audiences. Notably, most of these marketing collaborations occurred in 2024, spurred by rising crypto prices and increasing Bitcoin adoption.
While it remains challenging to assess the effectiveness of these sponsorships on the cryptocurrency market, recent trends indicate that web3 firms are likely to allocate more resources towards sports marketing in the future.
MyTonWallet, the wallet application native to The Open Network (TON) blockchain, has recently added support for the Tron network. In a post on X dated 23 September, the wallet announced its multi-chain capabilities, allowing users to access TronDAO assets through its interface. Users can now manage Tron (TRX) and Tether (USDT) on the MyTonWallet platform.
This multi-chain wallet lets users track their balances, view transaction history, and transfer assets across TON and Tron networks. The integration comes as both ecosystems witness significant development and growing adoption, particularly with the rise of tap-to-earn models and meme coin projects, enhancing interoperability between the two chains.
Toncoin, the native cryptocurrency of the TON ecosystem, facilitates network operations and serves as a transaction currency, supporting decentralised finance (DeFi), gaming, and non-fungible tokens. Additionally, USDT on TON is being leveraged to drive growth within its DeFi ecosystem. The TON team recently launched a $5 million incentive programme to bolster this expansion further and increase USDT usage on TON-based decentralised exchanges.
21Shares has announced the integration of Chainlink’s Proof-of-Reserve (PoR) service to improve the transparency of its wrapped Bitcoin, known as 21BTC. According to a press release on 23 September, the company will utilise Chainlink’s technology on the Solana and Ethereum mainnets. The integration aims to provide users with increased visibility of the reserves backing 21BTC, which launched on Solana in May 2024 and on Ethereum in early September 2024.
The 21BTC token is fully backed 1:1 by Bitcoin reserves held in cold storage and institutional custody. With Chainlink’s service, users can verify these reserves on-chain in real-time. The Proof-of-Reserve feature will also enhance security during minting, ensuring users can trust the system.
Johann Eid, Chief Business Officer at Chainlink Labs, noted that secure minting represents a significant step towards further growth in the tokenisation space. The partnership boosts transparency and contributes to the overall decentralisation of 21BTC across Ethereum and Solana, aligning with the broader push within the cryptocurrency industry for a more decentralised ecosystem.
Chinese Bitcoin miners continue to control a significant portion of the global mining network, holding over 55% despite the country’s outright ban on cryptocurrencies. According to Ki Young Ju, CEO of CryptoQuant, while Chinese mining pools dominate the network, US pools gradually gain ground, managing around 40% of the mining power. The US pools primarily serve institutional miners, whereas Chinese pools cater to smaller miners in Asia.
This continued dominance persists despite China’s blanket ban on Bitcoin mining and trading, implemented in 2021. Even with these restrictions, technological advancements and the decentralised nature of cryptocurrencies have allowed mainland users to circumvent regulations, leading to increased money laundering risks. In response, China is set to amend its Anti-Money Laundering (AML) regulations in 2025 to oversee cryptocurrency transactions better.
The crypto market faces challenges, with Bitcoin miners reporting the lowest revenue in a year during August. Mining revenue fell to $827.56 million, a decrease of over 10.5% from July but a slight increase from the previous year. The number of Bitcoins mined also dropped from 14,725 in July to 13,843 in August, as the cryptocurrency remained around $25,000 for much of the month.
Bitcoin may be on the brink of a major breakout, according to a leading analyst. The cryptocurrency has a history of rallying between 154 and 161 days after its halving event. With the most recent halving occurring 157 days ago in April, analysts believe Bitcoin is within the ideal timeframe for such a surge. It mirrors similar trends from 2016 and 2020, where Bitcoin experienced significant gains after halving.
However, the analyst noted that history doesn’t always repeat itself exactly. Still, this week is a crucial period for potential market movement. Remarkably, Bitcoin has already surpassed expectations for September, traditionally a bearish month, with a surprising 9% rise—its highest-ever gain for this time of year.
Looking ahead, October has historically been a strong month for Bitcoin, with positive returns in nine of the past eleven years. Should the pattern hold, Bitcoin could soon surpass its previous peak of $73,738, needing only a 14.6% rise to reach new heights.
Canada’s central bank has halted its plans to develop a Central Bank Digital Currency (CBDC), focusing instead on research as other nations like China and Nigeria press ahead. The Bank of Canada initially launched the project in 2017 to explore the potential of a digital Canadian dollar. However, after years of investigation and public consultations, the bank has decided to rethink its approach due to low public interest and security concerns.
A recent survey revealed that 87% of Canadians said they would never use a digital currency, with 92% expressing a preference for traditional payment methods. Major concerns included cybersecurity threats and the privacy of digital transactions. Despite this, the central bank had maintained that the digital dollar would not replace paper currency but serve as a simplified way to make online payments.
While Canada shifts away from its CBDC project, other countries are making progress. China’s digital yuan pilot, for example, has already facilitated nearly $986 billion in transactions, making it the largest initiative worldwide. Global efforts to introduce CBDCs continue to grow, driven in part by geopolitical events and changing payment technologies.
The US Securities and Exchange Commission (SEC) has approved Nasdaq’s application to list options on the iShares Bitcoin Trust ETF, marking a significant step towards trading derivatives linked to the product. Before trading can officially begin, further approvals are needed from the Options Clearing Corporation and the Commodity Futures Trading Commission. Several other exchanges are also seeking approval for similar products.
It is expected to boost investor interest and liquidity around Bitcoin ETFs. Bloomberg Intelligence ETF analyst Eric Balchunas noted that gaining the SEC’s approval is crucial for attracting larger investors. The iShares Bitcoin Trust ETF, trading under the ticker IBIT, has already amassed around $22.7 billion in assets since its approval by the SEC earlier this year, following a legal battle led by Grayscale Investments.
MicroStrategy Inc. has successfully raised $1.01 billion through the sale of convertible senior notes, which it plans to use for purchasing more Bitcoin and redeeming higher-yielding securities. Between 13 and 19 September, the company allocated $458 million from this sale to acquire additional Bitcoin. With approximately $15.8 billion in Bitcoin holdings, MicroStrategy is the largest publicly traded corporate holder of the cryptocurrency, while BlackRock manages the largest Bitcoin exchange-traded fund.
Co-founder and Chairman Michael Saylor has effectively transformed the Virginia-based software firm into a crypto hedge-fund proxy since its initial Bitcoin purchase in 2020. This latest sale of convertible notes marks the fourth such transaction this year, with the 0.625% securities set to mature in 2028. In addition, the company is redeeming $500 million of 6.125% notes also due in 2028.
As of 19 September, MicroStrategy held approximately 252,220 Bitcoin, as reported in a recent Securities and Exchange Commission filing. The firm’s shares have seen a remarkable increase, more than doubling this year, compared to a roughly 50% rise in Bitcoin’s price over the same period.
A recent survey by Deutsche Bank reveals that cash is likely to remain a staple for consumers, despite the global interest in Central Bank Digital Currencies (CBDCs). The survey, which gathered responses from 4,850 individuals across Europe, the UK, and the US, found that 59% of participants believe cash will always be relevant. Additionally, 44% of respondents prefer using cash over CBDCs, while only 16% think digital currencies will become mainstream.
The report highlights that although the COVID-19 pandemic accelerated the shift towards digital payments—especially among Gen Z—many consumers remain hesitant about CBDCs. Privacy concerns significantly influence this reluctance, with respondents in the US favouring cryptocurrencies for better privacy than government-backed options. In fact, 21% expressed a preference for private cryptocurrencies like Bitcoin, while many Europeans preferred the anonymity that cash provides.
The skepticism surrounding CBDCs is evident in Canada, where a Bank of Canada report indicated that 86% of Canadians oppose the idea, with 92% still preferring cash over a potential digital Canadian dollar. As central banks continue to explore CBDC applications, user confidence remains a key barrier to widespread adoption.
Brazilian authorities have uncovered a massive cryptocurrency money laundering operation worth $9.7 billion, leading to multiple arrests across major cities, including São Paulo, Fortaleza, and Brasília. The investigation, named ‘Operation Niflheim,’ targeted suspects believed to be laundering funds from drug trafficking and smuggling through crypto assets.
Officials executed 23 search warrants and arrested eight individuals, focusing on a network of companies accused of moving billions using shell firms, tax dodgers, and foreign exchange companies. Investigators discovered that over half of the deposits were linked to individuals with criminal backgrounds, highlighting the extensive use of cryptocurrencies in illegal activities.
The Federal Police have also frozen more than $1.58 billion in bank and crypto exchange accounts as part of the operation. The investigation, ongoing since 2021, underscores the growing role of cryptocurrencies in facilitating financial crimes in Brazil.
