Welcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. If someone forwarded this to you, sign up here. In today’s edition, Michael P. Regan takes a swing at crypto sports sponsorships:
As any Mets or Phillies fan (like me) will gladly tell you, the Washington Nationals are in last place in Major League Baseball’s National League East division. Strangely, that may not be the biggest embarrassment for the club right now.
That honor goes to its Terra Club, the bar and buffet behind home plate that offers “unparalleled luxury” that’s “mere feet away from the batter’s box.” As part of a five-year sponsorship announced in February, the club was named after the Terra crypto project that this month saw tens of billions of dollars in value vaporized after the platform’s algorithmic stablecoin lost its peg to the dollar.