It’s been a busy last month for Tour de France fans, as the almost 120-year-old race wrapped up last July 21. The Tour, while as heart-pumping as ever, has been marked by many notable new elements. Chief among these is the fact that the race didn’t conclude in Paris for the first time due to the Summer Olympics, which kicked off a few days later.
Additionally, another new aspect of the elite cycling event was the presence of cryptocurrencies.
Although a relatively new financial diversifier, cryptos have permeated numerous sectors, including professional sports. In cycling circles, we’re seeing crypto emerge from fans, brands, and even athletes themselves. Interestingly, such is also the case with the Tour de France, which has actually been an avid adopter of digital tokens for the last several years. Here are a few ways how crypto is helping the sport:
Team Sponsors
Following the same trend that crypto entities have taken in other professional sports arenas, a number of digital currency companies have decided to sponsor Tour de France teams. In 2023, the crypto broker Coinmerce became the official crypto partner of Team Jumbo-Visma. Coinmerce is a crypto broker whose CEO explained that this sponsorship is designed to help people become more familiar with digital currencies. Considering that Jumbo-Visma is one of the leading teams in the world, this partnership is guaranteed to increase awareness. During last year’s race season, the team bagged 69 victories, which included wins at the 2023 Tour de France.
Prior to moving to the Continental level, South Africa-based team Qhubeka NextHash also received a crypto deal. The team, which participated in previous Tour de France races, changed their title co-sponsor in 2021 from Assos to NextHash. The latter operates an over-the-counter cryptocurrency marketplace.
Sportsbetting Efforts
While sports betting in cycling remains rather limited, it is legal in the Tour de France, given its worldwide popularity. This is a smart move led by the Amaury Sports Organization (the race’s organizer), considering how much global attention the race receives. It’s important to note that in 2023, the Tour de France drew in over 40 million television viewers in its host country alone. In the same year, Netflix’s docuseries on the Tour also became one of the most viewed in several countries. With sports betting allowed, public engagement and support are further increased as it gives fans an immersive way to engage with their favorite teams. Overall, viewership can also benefit as even bettors who are new to cycling will naturally be interested.
Credit: @blackmadre on Instagram
Crypto sports betting has been around since the late 2010s when digital currencies were first introduced but it has got even more popular in recent years. Trusted provider Thunderpick now accepts crypto, so users can bet on a variety of sports online. Because these tokens are decentralized, transactions such as withdrawals are much faster. The costly payment fees that plague regular sports betting are also not an issue with crypto betting, as there are no middlemen to bump up the charges. Moreover, promos, like welcome bonuses of up to 100%, are common in crypto sports betting, further sweetening the deal for bettors. In cycling, Business2Community states that leading cryptos, such as Bitcoin, Ethereum, Litecoin, and Tether, are widely used for sports betting.
Official Collectibles and Tokens
Understandably, the athletes at the center of the Tour de France are not going to let themselves fall behind the crypto peloton. Over the last few seasons, more internal stakeholders have begun introducing crypto and crypto-related projects. For example, pro cyclist Mark Cavendish unveiled his own collection of NFTs in 2021. Debuted in partnership with multi-chain staking platform Fomo Labs, the NFTs commemorated Cavendish’s Tour de France stage wins. The following year, the cyclist released a second collection of NFTs, with each one priced at around $2,400.
Similarly, the Tour de France released a collection of 21 digital collectibles last year. These were hosted through the blockchain technology Polygon. While NFTs are not crypto, they’re often regarded in the same breath since they function on the same blockchain technology.
Around the same time, pro cycling team Human Powered Health also introduced their own community-driven NFT project called Bike Club. Here, proof of membership comes in the form of avatars, which can later be resold. The team, which has participated in elite cycling circuits, including the Tour de France Femmes, has also shared that they plan to release their own cryptocurrency. Called WattCoin, or $WATT as its ticker name, the token is designed to be a more sustainable take on digital currencies. Rather than mining them, tokens are generated through pedaling. WattCoins can then be used to purchase items from the team’s official site.
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