X Games will share a title with crypto payments provider MoonPay as part of an eight-figure deal, as the long-running action sports spectacle transitions toward a new team-based format, a MoonPay spokesperson told Decrypt.
An official logo for the MoonPay X Games League. Image: MoonPay “Under the new structure, hopefully the athletes will start to become more supported,” Keith Grossman, president of enterprise at MoonPay, told Decrypt, adding that the partnership will provide distribution for decentralized finance projects.
The press release notes that MoonPay’s exclusivity in branding across areas like finance and banking also extends to its network of partners. It references “new team ownership opportunities” that are intended to boost take-home pay for athletes.
X Games has previously said that its clubs will be privately owned, but MoonPay’s involvement tethers the initiative to crypto.
As the X Games prepares to retire a decades-old format laden with nostalgia, Grossman said MoonPay is trying to affix itself to a brand where there is considerable overlap in terms of audience and ownership. And the company appears eager to extend its reach to names within the industry that may be relatively unknown to viewers.
“We have 35 million consumers that ultimately align with the same demographic as the X Games,” he said. “We have so many areas that we can ultimately bring our partners into.”
