NRL cashes in on cryptocurrency boom as Bunker gets new sponsor – Sydney Morning Herald

The company employs about 200 people - and has another 100 positions open as it tries to keep up with demand for cryptocurrency users, who can trade in more than 300 digital currencies.

And its foray into the NRL - which will hand naming rights to the codes multimillion-dollar Bunker for try reviews from 2023 - will expose Swyftx to a much larger market.

According to sources familiar with the deal, the Australian Rugby League Commission was approached about a partnership with a cryptocurrency firm at the same time as the AFL, and undertook weeks of due diligence on whether to enter into an agreement with the ASIC-registered Swyftx.

Swyftx has already entered into domestic partnerships with the AFLs Brisbane Lions and their coach Chris Fagan, Adelaide Strikers in the Big Bash League and Supercars driver Jordan Cox. Overseas, cryptocurrency firms have already signed deals with major sports such as the NBA, Formula One and UFC.

We cant build the things we want to deliver to our customers fast enough, Swyftx chief executive Ryan Parsons said. This is a really great opportunity for Swyftx to introduce itself and cryptocurrency to millions of NRL fans.

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NRL chief executive Andrew Abdo said there were no immediate plans to pay employees or players in cryptocurrency, a la Australian Baseball Leagues Perth Heat, and the agreement with Swyftx was purely for brand perspective.

Abdo and ARL Commission chairman Peter Vlandys have turned around the codes financial plight despite another COVID-affected season last year, with a surge in grants from government partnerships and betting on matches contributing to a massive surplus.

The NRL increased its revenue from $419 million in the 2020 financial year to $575 million in 2021, despite being forced to play a historic grand final at Suncorp Stadium instead of the larger Accor Stadium in Sydney. The Queensland governments COVID restrictions also reduced Suncorp Stadiums crowd capacity to 75 per cent.

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NRL cashes in on cryptocurrency boom as Bunker gets new sponsor - Sydney Morning Herald