Crypto exchange news: Coinspot to make its motorsports debut; Binance Australia partners with WeMoney

Coinspot is undertaking another sports sponsorship, backing two drivers at the GT World Challenge event in Bathurst next month.

The Aussie crypto exchange is supporting Fraser Ross and Liam Talbot at the final round of the 2021 GT World Challenge Australia at Mount Panorama, November 30 to December 5.

“It’s the first time CoinSpot has been involved in motorsport, so we’re looking to reward their faith in us,” Ross said in the announcement.

“Bathurst doesn’t take many prisoners so it’ll be a case of starting off slowly and working our way up, and hopefully that’ll put us somewhere towards the front.”

Talbot, who twice finished runner-up in the Australian GT Championship, said that the blue and orange CoinSpot Audi R8 LMS Evo GT3 they’ll be sharing “looks great, and we’ve got some fantastic support from CoinSpot – it’s cool to see companies like that coming into motorsport for the first time”.

“For us I think the key will be just building up over the weekend, not taking too many, and seeing where we end up.”

Across the world, crypto exchanges have been spending hundreds of millions on athletic sponsorships, since apparently many sports fans are also crypto enthusiasts. Crypto.com recently paid US$700m for the naming rights for the Staples Center in Los Angeles, while FTX in March won the rights to the arena where the Miami Heat play basketball.

Here in Australia, Coinspot has also sponsored the AFL’s Western Bulldogs, while Coinjar has backed the Melbourne Demons.

Binance Australia partners with WeMoney

Meanwhile, rival exchange Binance Australia is joining forces with money management app WeMoney to boost Australians’ crypto literacy.

The two Australian businesses will work together on content, with WeMoney creating crypto-themed episodes on its We Talk Cents podcast and Binance Australia hosting fireside chats on its YouTube channel.

They’ll also share blog content regarding how to invest in crypto, how to create a diverse portfolio and the importance of investing.

Additionally, WeMoney is integrating Binance into its money management app, so customers will be able to check on their crypto portfolio alongside their traditional account balances.

A survey estimated 1 in 6 Australians own cryptocurrency, according to Finder.

“What we are seeing now is Australians diversifying their investments and actively adding digital assets to their portfolios,” said WeMoney chief executive and founder Dan Jovevski.

“Working with Binance Australia empowers our members to assess the full picture of their financial health.”

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