Crypto.com Sponsors $10M Prize Golf Tournament in December

YEREVAN (CoinChapter.com) — On Dec. 14, Crypto.com will sponsor the first golf tournament offering a cryptocurrency prize. The Crypto.com Showdown, held at Shadow Creek Golf Course in Las Vegas, will feature a $10 million purse paid in Cronos (CRO) tokens, the platform’s native cryptocurrency.

The competition brings together players from rival tours. Scottie Scheffler and Rory McIlroy of the PGA Tour will face Brooks Koepka and Bryson DeChambeau of LIV Golf. The 18-hole match will follow a Ryder Cup-style format, including four-ball, singles, and alternate-shot rounds.

DeChambeau commented on the tournament, stating,

“The Showdown has been about innovation from the beginning and our commitment to delivering the best entertainment possible for the fans. […] It is beyond exciting to have Crypto.com now on board to provide a true first with a cryptocurrency-based prize purse.”

Significant Prize Compared to Golf Standards

The $10 million prize in CRO tokens is notable, even in professional golf. For comparison, Tiger Woods and Phil Mickelson competed for a $9 million purse in their 2018 match. This new competition also highlights the growing involvement of digital assets in sports.

The tournament will air on December 17 on the TNT network, showcasing top talent from the traditional PGA Tour, established in the 1910s, and LIV Golf, founded in 2021.

Crypto.com’s Role in Sports Partnerships

Crypto.com has made investments in sports sponsorships, including partnerships with Formula 1, UFC, and FIFA. The exchange also owns naming rights to the Crypto.com Arena in Los Angeles.

Notably, while such partnerships have gained attention, cryptocurrency collaborations have faced legal challenges. For instance, the NBA was recently threatened with legal action over promotional ties to the now-bankrupt Voyager Digital. Similarly, endorsements for FTX, a defunct crypto exchange, led to lawsuits involving public figures like Tom Brady, Steph Curry, and Shaquille O’Neal.