‘The Showdown’ between Rory McIlroy, Scottie Scheffler, Bryson DeChambeau and Brooks Koepka will be unprecedented.
Not only for the crossover between the PGA Tour and LIV Golf, but also because it will be the first major sports event to offer prize money entirely in cryptocurrency.
Crypto.com has been named as the sponsor of the event which is due to take place in Las Vegas on December 17.
PGA Tour stars McIlroy and Scheffler are set to team up against LIV Golf players DeChambeau and Koepka for the unconventional $10million (£7.9m) prize.
The winner will be awarded the multimillion-dollar prize in CRO, the token of Crypto.com, in an unprecedented move in sport.
The prize money exceeds the purse at most tournaments on the PGA Tour, with the exception of majors and signature events.
PGA Tour event winners usually net prize funds in excess of £1m.
Speaking ahead of the event, Crypto.com CEO Kris Marzalek says the sponsorship is a huge step forward in the company’s mission to drive cryptocurrency across the world.
“This tournament demonstrates the potential of cryptocurrency to reshape the sports and entertainment industries,” Marzalek said.
The company’s chief marketing officer Steven Kalifowitz added: “At Crypto.com, we look for firsts.
“Now, we will be the first to host a major golf tournament with the world’s top ranked players from LIV and the PGA Tour teeing off for a world’s-first purse in CRO cryptocurrency.”
Kalifowitz later told Front Office Sports that the players can choose to either keep the cryptocurrency or sell or trade their winnings.
Although it is the first event of its kind to adopt the prize method, Crypto.com has already collaborated with some sports big-hitting events.
Crypto.com has previously garnered partnerships with the UFC, FIFA World Cup and Formula 1 and with over 100 million users, the platform is continuing to grow, thanks in part to its links with mainstream audiences.
While new crypto sports sponsorships had waned following the FTX bankruptcy filing in 2022, the trend is once again on the rise.
Data from CoinGecko revealed that more than twice the amount of new sports sponsorships have been agreed in 2024 compared to the previous year.
