WEBVTT - Crypto Sponsorships of Formula One Racing Dwindle With Downturn

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<v Speaker 1>This is Bloomberg Crypto Daily Bloomberg I heart podcast, and

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<v Speaker 1>I'm Stacy Marie Ishmael, Managing editor of Crypto for Bloomberg News.

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<v Speaker 1>It's Monday, November seven. Hey, my name's Moses and I'm

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<v Speaker 1>one of the producers on the Bloomberg Crypto Podcast. Today's

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<v Speaker 1>episode is all about Formula one or F one. For sure,

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<v Speaker 1>F one is all about speed, innovation and engineering, so

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<v Speaker 1>perhaps it's no surprise the crypto is emerging as one

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<v Speaker 1>of the biggest sponsors of F one. Companies ranging from

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<v Speaker 1>FDx to Crypto dot Com have spent millions of dollars

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<v Speaker 1>on flashy deals, and around of F one teams have

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<v Speaker 1>at least one crypto partner, Crypto dot com even as

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<v Speaker 1>a one hundred million dollar deal with the Formula one

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<v Speaker 1>creup itself. But in this current market, how long can

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<v Speaker 1>crypto firms keep splashing the cash? And is it even

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<v Speaker 1>worth it? Bloomberg Senior editor Anna Era, there's so much

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<v Speaker 1>talking crypto about utility, right, do we actually need crypto?

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<v Speaker 1>What is it for aside from trading? And Bloomberg crypto

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<v Speaker 1>blogger Emmy Nicole and met a fan at the Silvis

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<v Speaker 1>and GP in the UK over the summer, who spent

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<v Speaker 1>more than twenty thousand tokens on being able to go

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<v Speaker 1>to the race with a Asta Martin like v I

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<v Speaker 1>p experience here today to discuss the future of cryptos

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<v Speaker 1>fast cast sponsorships. Hi, Emily, thank you for joining me today.

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<v Speaker 1>Thanks for having me. So we're going to chat about

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<v Speaker 1>your story, which was a long one in the making.

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<v Speaker 1>You did a lot of reporting for it. Um can

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<v Speaker 1>you start off by giving us a sense and setting

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<v Speaker 1>the context for what's going on with Formula one in

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<v Speaker 1>crypto companies. If you're somebody who watches Formula One like

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<v Speaker 1>I was, I discovered it like many other people through

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<v Speaker 1>the Netflix show Drive to Survive, which probably to a

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<v Speaker 1>Formula one fan is like heresy to say, but anyway,

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<v Speaker 1>that's how I found it. Hit Netflix show Drive to

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<v Speaker 1>Survive has brought Formula one Racing to a huge new audience,

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<v Speaker 1>particularly in the US, weaving together the sports, fierce rivalries

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<v Speaker 1>and electrifying accident And I realized through watching through the

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<v Speaker 1>seasons like since to sev onwards, that we were seeing

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<v Speaker 1>more and more crypto names pop up. With each season.

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<v Speaker 1>You were seeing more and more companies appearing on cars

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<v Speaker 1>appearing on uniforms, and I was like, they were definitely

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<v Speaker 1>rising as a brand in the race for sure. And

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<v Speaker 1>what piqued my interest about it is because Formula one

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<v Speaker 1>is a sport where it costs a lot of money

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<v Speaker 1>to be a sponsor. It's something that costs way more

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<v Speaker 1>than any other sport pretty much. It's one of the

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<v Speaker 1>pricest things to do. And so as crypto companies started

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<v Speaker 1>to kind of accrue wealth as the ball market really

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<v Speaker 1>set in, they kind of spent the early days of

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<v Speaker 1>the bare market building up some of that wealthy one

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<v Speaker 1>was the year they could really spend. This was obviously

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<v Speaker 1>like a really big way to make a splash, to say, Okay,

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<v Speaker 1>we've got a Formula one sponsorship. I'm going to sponsor

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<v Speaker 1>my favorite team, or I'm gonna sponsor this Grand Prix

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<v Speaker 1>and get the title rights. And we've seen hundreds of

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<v Speaker 1>millions of dollars spent on this race. Now, obviously that

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<v Speaker 1>was the ball market and that was then. Today the

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<v Speaker 1>situation is quite different for crypto companies than the crypto markets.

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<v Speaker 1>So how has that sort of changed with regards to

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<v Speaker 1>Formula One. We've definitely seen fewer sponsors. I think making

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<v Speaker 1>a big splash. There have still been some for sure,

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<v Speaker 1>because I think especially with sponsorships in sport we've done.

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<v Speaker 1>We've kind of talked about this before on the podcast

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<v Speaker 1>as well, but it's the kind of thing where there's

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<v Speaker 1>like a little bit of a hangover because these deals

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<v Speaker 1>are signed, and they're signed for many years in one

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<v Speaker 1>and they'll pay for it all up front on occasions,

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<v Speaker 1>so you kind of get all the all the money

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<v Speaker 1>and one go. Um. And so this is something that

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<v Speaker 1>like you might even see crypto names hang around for

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<v Speaker 1>a while and they're they're not really contributing or having

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<v Speaker 1>a great time in the markets. But there's definitely been

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<v Speaker 1>a bit more reticence among crypto companies to consider how

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<v Speaker 1>they're spending their money and where um. And so some

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<v Speaker 1>companies like FTX, which sponsors the Mercedes team, said things like, well,

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<v Speaker 1>you know, we want to value these things on an

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<v Speaker 1>annual basis to really get an idea of like what

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<v Speaker 1>this is costing us and how much it's benefiting us

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<v Speaker 1>going forward. And how has sort of regulation affected crypto

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<v Speaker 1>sponsorships of Formula one. I think the situation change have

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<v Speaker 1>changed a bit with the single poregram pre yeah. I

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<v Speaker 1>think this was the year that rules around advertising crypto

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<v Speaker 1>really started to kick in because that was an easy

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<v Speaker 1>thing for regulators to do, right. Financial promotions are pretty

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<v Speaker 1>like pretty standard laws as they come, and so adding

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<v Speaker 1>crypto to the basket of high risk investments was an

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<v Speaker 1>easy thing to do, and that made it more difficult

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<v Speaker 1>for sponsors to be able to say with certainty, oh yeah,

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<v Speaker 1>I'll be able to display my logo at France Grand Prix,

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<v Speaker 1>and I'll be able to do it in Italy, and

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<v Speaker 1>I'll be able to do it in Singapore. Um, And

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<v Speaker 1>so that meant that there was like some negotiations had

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<v Speaker 1>to be made or some changes had to be made

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<v Speaker 1>depending on the location. So in France you didn't see

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<v Speaker 1>any crypto sponsors kind of around the track or sometimes

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<v Speaker 1>even they dropped off the uniforms in the cars. In

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<v Speaker 1>Singapore it was just on uniforms and cars and not

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<v Speaker 1>around the track, which for one team in particular McLaren,

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<v Speaker 1>they chose them to cover their car in their crypto

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<v Speaker 1>sponsor Okay exp for Singapore because that was the one

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<v Speaker 1>place they could put it. Have These sponsorships actually helped

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<v Speaker 1>crypto companies like what has been the return on investment,

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<v Speaker 1>they're super prisy. Um did they help them get more customers?

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<v Speaker 1>And does that actually even matter these days when you

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<v Speaker 1>know volumes have dropped if you're an exchange, like you know,

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<v Speaker 1>should they should? I mean, I know it's not for

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<v Speaker 1>you to, I guess say, but would have been wiser

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<v Speaker 1>to maybe keep the money in there and their carfs?

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<v Speaker 1>Are we talking about companies that have so much money

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<v Speaker 1>anyways that it kind of doesn't really matter. It's not

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<v Speaker 1>maybe the types of crypto firms that would have gone down,

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<v Speaker 1>it's like really the big big players. Yeah, I think

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<v Speaker 1>definitely in the earlier days, the crypto sponsors that were

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<v Speaker 1>getting involved in F one may have been companies you

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<v Speaker 1>hadn't really heard of. So we've definitely had a few

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<v Speaker 1>crypto sponsors over the years appear enough one and then

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<v Speaker 1>quietly drop away from F one um and not really

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<v Speaker 1>much explanation was providing. If I would say those names

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<v Speaker 1>to you now, you wouldn't really recognize them as companies

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<v Speaker 1>like bit to you for example, which was a Turkish exchange,

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<v Speaker 1>which really isn't on many people's radar anymore. That they

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<v Speaker 1>were McLaren's first crypto sponsor and I think that was

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<v Speaker 1>one of the teams that was the first sign of

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<v Speaker 1>crypto sponsor ever for Formula one UM. Now they have

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<v Speaker 1>Crypto Exchange okay X, which told me that since doing

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<v Speaker 1>the deal, there's definitely been like, you know, a bit

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<v Speaker 1>of an uptick overall this year, they've had their revenues

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<v Speaker 1>go up, and the deal with mccaren is a big

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<v Speaker 1>step forward in that UM and FDx they said that

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<v Speaker 1>there has been a noticeable increase in new customers since,

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<v Speaker 1>and I think just getting on people's radar is important.

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<v Speaker 1>But the appeal of F one is that not only

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<v Speaker 1>is it an expensive support sponsor, it's an expensive support

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<v Speaker 1>to be a fan of. It's really expensive to get

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<v Speaker 1>tickets if you can manage it at all. If you

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<v Speaker 1>want to go to a race that's not the one

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<v Speaker 1>in your hometown, you're going to have to pay for

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<v Speaker 1>international travels. That's really expensive too, And even just to

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<v Speaker 1>watch it on your TV is really expensive because branding

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<v Speaker 1>rights and well sorry, broadcasting rights for everyone UM are

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<v Speaker 1>like highly competitive, and TV channels will pay lots of

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<v Speaker 1>money to be able to broadcast F one. So either

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<v Speaker 1>you're going to go down to your local pub or

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<v Speaker 1>bar and watch it there, or you're going to pay

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<v Speaker 1>for that kind of exclusive streaming access to watch Formula

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<v Speaker 1>one live. All of that means that crypto companies are

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<v Speaker 1>able to tap into a slightly wealthier set of buyers

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<v Speaker 1>or clients. Um, they're also able to do things like

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<v Speaker 1>maybe reach a younger set. Since the advent of Netflix,

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<v Speaker 1>it's definitely broadening out the age range and appeal of

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<v Speaker 1>f one. Do you think I mean that it's just

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<v Speaker 1>about the types of fans that they can engage, or

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<v Speaker 1>it's just even getting a sense for themselves so feeling

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<v Speaker 1>more like we've made it, you know, like going for

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<v Speaker 1>these big like like marquee deals, Like is it is

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<v Speaker 1>it really necessary? I definitely think it's a bit of both, right, Like,

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<v Speaker 1>so yes, there is maybe a wealthier fan than you

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<v Speaker 1>can access. And then also we've made it because we

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<v Speaker 1>can take our clients to like some flashy race and

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<v Speaker 1>you know, really like treat them and drops them up

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<v Speaker 1>to the dines um. But also I think like one

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<v Speaker 1>thing that I would I wrote throughout the piece was

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<v Speaker 1>that it's like this has become a bit of a

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<v Speaker 1>status symbol and crypto, you know, like being able to

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<v Speaker 1>say that you're one of the top companies that has

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<v Speaker 1>a sponsorship with Matt Damon, or you have an F

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<v Speaker 1>one sponsor, or, you sponsor, you have your name on

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<v Speaker 1>the top of a a football stadium or a basketball stadium.

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<v Speaker 1>These are all like landmark things that some of the

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<v Speaker 1>crypto industry's biggest companies are now chasing and saying, oh,

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<v Speaker 1>we have this, and now more than ever, it's almost

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<v Speaker 1>even more important because if we take crypto dot Com

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<v Speaker 1>as an example, anecdotically anyway, they are probably the biggest

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<v Speaker 1>spender on sports sponsorships. They've spent hundreds of millions of

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<v Speaker 1>dollars across different sports, but Formula one is one of

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<v Speaker 1>their biggest ones, is one of their first sponsors as well. Um,

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<v Speaker 1>they've really tried to make their stamp on that and

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<v Speaker 1>this year for crypto dot Com has been pretty difficult,

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<v Speaker 1>so having that to fall back on has been really

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<v Speaker 1>good for them. I think in terms of image, they

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<v Speaker 1>can say things like, Okay, so you saw that headline

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<v Speaker 1>that says we laid off a bunch of staff, but

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<v Speaker 1>look our names on top of the Miami GP, so

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<v Speaker 1>things can't be all that bad. Did you get a

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<v Speaker 1>sense of whether they pre paid for them, or that

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<v Speaker 1>a lot of these still have to be paid. I

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<v Speaker 1>think they. So there's there's definitely like a when you

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<v Speaker 1>speak to teams anyway. So like I spoke to Zach Brown,

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<v Speaker 1>who's the CEO of McLaren Racing and he drives the

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<v Speaker 1>team there. Um, they are definitely conducting more due diligence

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<v Speaker 1>than they might have done in the past. So they're

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<v Speaker 1>keen to make sure that the companies they do deals

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<v Speaker 1>with can afford it that they're good for it. They're

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<v Speaker 1>probably going to keep the payments going if they don't

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<v Speaker 1>even pay up front in the beginning, which I think

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<v Speaker 1>some might. Um, we have heard reports of other script

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<v Speaker 1>re sponsor in the past who maybe didn't make all

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<v Speaker 1>the payments they were meant to and then that sponsor

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<v Speaker 1>quickly went away. And even speaking to marketing experts who

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<v Speaker 1>do these kinds of deals for Formula One teams, they

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<v Speaker 1>say things like, well, you know, if you stop paying,

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<v Speaker 1>it's pretty common enough one to just drop a sponsor

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<v Speaker 1>at the drop of the hat, and you'll it won't

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<v Speaker 1>be until you know, we see the cars unveiled in

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<v Speaker 1>mid February next year that we'll really see who was

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<v Speaker 1>able to continue holding onto that sponsorship from this year

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<v Speaker 1>to next. We'll be right back with more from Bloomberg

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<v Speaker 1>crypto blogger Emily Nicole. So we also heard about sort

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<v Speaker 1>of crypto fan tokens for F one teams as well

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<v Speaker 1>as n f T s. What's going on with that that? Actually?

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<v Speaker 1>Did anything actually happen? Quite a few teams have launched

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<v Speaker 1>n f T collections and quite a few teams have

0:11:13.040 --> 0:11:16.000
<v Speaker 1>fan tokens. Not all teams though, so it's worth noting that,

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<v Speaker 1>you know, some teams are being more cautious. But for

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<v Speaker 1>those that I don't know what a fan token is,

0:11:21.640 --> 0:11:23.719
<v Speaker 1>it is a crypto asset like it's a tradeable thing,

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<v Speaker 1>but it's something that is tied to a team and

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<v Speaker 1>generally can be earned. There's a bit like a reward

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<v Speaker 1>or a loyalty point. So there are certain teams that,

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<v Speaker 1>for example, don't make their Formula one to trade team

0:11:33.800 --> 0:11:37.280
<v Speaker 1>tokens tradeable on next Exchange. You can only earn them

0:11:37.280 --> 0:11:40.480
<v Speaker 1>with the provider that makes the token. You can earn

0:11:40.520 --> 0:11:42.840
<v Speaker 1>them through engaging in the app, doing things like voting

0:11:42.840 --> 0:11:46.600
<v Speaker 1>on someone's helmet or participating in a poll um and

0:11:46.600 --> 0:11:48.800
<v Speaker 1>then you can spend those tokens on things. So I

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<v Speaker 1>met a fan at the Silverson GP in the UK

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<v Speaker 1>over the summer who spent more than twenty thousand tokens

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<v Speaker 1>on being able to go to the race with a

0:11:58.360 --> 0:12:01.640
<v Speaker 1>Asta Martin like v I p X experience. UM. But

0:12:01.640 --> 0:12:03.560
<v Speaker 1>that didn't cost him any money. He earned all those

0:12:03.600 --> 0:12:06.559
<v Speaker 1>tokens through engaging in the app for probably a very

0:12:06.559 --> 0:12:10.400
<v Speaker 1>long time, UM, And that's how he did it. That's

0:12:10.400 --> 0:12:13.400
<v Speaker 1>not to say that fan tokens aren't like that homogeneously though.

0:12:13.480 --> 0:12:16.680
<v Speaker 1>Everywhere in football, for example, it's been very controversial that

0:12:16.760 --> 0:12:19.520
<v Speaker 1>fan tokens are tradeable and excelling exchanges, and so their

0:12:19.559 --> 0:12:23.160
<v Speaker 1>price fluctuates. And what's been happening as they gain more

0:12:23.160 --> 0:12:25.000
<v Speaker 1>steam and more people are buying them is actually it's

0:12:25.040 --> 0:12:27.439
<v Speaker 1>become a way to bet on a team's performance. You know,

0:12:27.520 --> 0:12:29.040
<v Speaker 1>you think they're going to win a game, you probably

0:12:29.080 --> 0:12:30.560
<v Speaker 1>think the prices token is going to go up, so

0:12:30.559 --> 0:12:33.080
<v Speaker 1>maybe you buy some when it's lower. Similarly, I think

0:12:33.080 --> 0:12:36.040
<v Speaker 1>they're gonna lose a game, it'll go down. UM. And

0:12:36.080 --> 0:12:38.280
<v Speaker 1>that's been quite concerning for regulator as well, thinking about,

0:12:38.320 --> 0:12:40.640
<v Speaker 1>you know, whether the fantokens should be considered as akin

0:12:40.720 --> 0:12:44.800
<v Speaker 1>to sports bedding and gambling or financial instruments. So you know,

0:12:44.920 --> 0:12:47.200
<v Speaker 1>you met a real life fan who used a real

0:12:47.240 --> 0:12:49.959
<v Speaker 1>life token, Like what was the sense you got from

0:12:49.960 --> 0:12:52.840
<v Speaker 1>that person? Like they found it worthwhile? They must have

0:12:52.840 --> 0:12:56.400
<v Speaker 1>been pretty excited to be there. Like, you know, because

0:12:56.520 --> 0:12:58.920
<v Speaker 1>there's so much talking crypto about utility, right, do we

0:12:59.000 --> 0:13:02.840
<v Speaker 1>actually need crypto? What is it for aside from trading?

0:13:02.840 --> 0:13:05.040
<v Speaker 1>And it seems in this case like some at least

0:13:05.080 --> 0:13:08.000
<v Speaker 1>one guy got to go to watch a race, even

0:13:08.040 --> 0:13:10.360
<v Speaker 1>though maybe he had to spend like a million hours

0:13:10.400 --> 0:13:12.840
<v Speaker 1>on his phone but playing with an app. But you know,

0:13:13.480 --> 0:13:14.760
<v Speaker 1>it might have been worth it. He might not have

0:13:14.760 --> 0:13:16.400
<v Speaker 1>been able to. I don't even know if you can

0:13:16.440 --> 0:13:18.880
<v Speaker 1>buy tickets for the v i P experience, So you know,

0:13:19.840 --> 0:13:22.560
<v Speaker 1>what was the sense you got? I think you probably

0:13:22.640 --> 0:13:27.040
<v Speaker 1>could buy tickets if you had a lot of money, Okay, yeah, yeah, yeah,

0:13:27.080 --> 0:13:29.080
<v Speaker 1>I know. Yeah, but even for like a base ticket

0:13:29.120 --> 0:13:32.800
<v Speaker 1>for for example, it's like three hundred pounds, I think

0:13:32.840 --> 0:13:34.680
<v Speaker 1>if you're able to get in in the very like

0:13:34.760 --> 0:13:38.760
<v Speaker 1>initial drops um And for him, he was like this

0:13:38.920 --> 0:13:40.680
<v Speaker 1>is a once in a lifetime thing, like to be

0:13:40.720 --> 0:13:42.520
<v Speaker 1>able to do it at this level of like v

0:13:42.640 --> 0:13:45.560
<v Speaker 1>i P access and see all these people, see these teams.

0:13:46.160 --> 0:13:48.120
<v Speaker 1>The seats, by the way, they were pretty like standard,

0:13:48.200 --> 0:13:50.199
<v Speaker 1>but you know, the bit of all of the nice

0:13:50.200 --> 0:13:53.760
<v Speaker 1>stuff around the day was really great. And so for him,

0:13:53.840 --> 0:13:56.440
<v Speaker 1>he was like I would never normally get this opportunity.

0:13:56.520 --> 0:13:59.360
<v Speaker 1>And the race was on a Sunday, and he got

0:13:59.400 --> 0:14:02.200
<v Speaker 1>access to the ticket on like the Friday afternoon, like

0:14:02.280 --> 0:14:04.160
<v Speaker 1>it was like a last minute thing. Oh, I can

0:14:04.200 --> 0:14:06.040
<v Speaker 1>spend my focus if I want to go and see

0:14:06.040 --> 0:14:09.319
<v Speaker 1>this race and be able to participate with a team

0:14:09.360 --> 0:14:11.880
<v Speaker 1>that he supports UM in a way that he wouldn't

0:14:11.920 --> 0:14:14.280
<v Speaker 1>have had access to normally. And so I'm not normally

0:14:14.320 --> 0:14:18.000
<v Speaker 1>like the crypto advocate UM, but in this instance it

0:14:18.080 --> 0:14:20.000
<v Speaker 1>was like a really great opportunity for this guy. And

0:14:20.120 --> 0:14:23.760
<v Speaker 1>as long as there's I think, like mystigating measures on,

0:14:23.840 --> 0:14:25.720
<v Speaker 1>you know, like if you're having to invest real money

0:14:25.720 --> 0:14:28.720
<v Speaker 1>and this stuff, then then that's always going to be

0:14:28.760 --> 0:14:30.960
<v Speaker 1>a benefit, right, especially to have one teams who are

0:14:30.960 --> 0:14:32.880
<v Speaker 1>just thinking of ways like how can I re engage

0:14:32.920 --> 0:14:35.280
<v Speaker 1>with my fan, how can I re engage with consumers

0:14:35.880 --> 0:14:39.120
<v Speaker 1>in a way that benefits us as a team, benefits

0:14:39.160 --> 0:14:42.040
<v Speaker 1>us as an industry, but also comes with relatively low risk.

0:14:45.600 --> 0:14:47.440
<v Speaker 1>So now I want you to take out your crystal ball,

0:14:47.560 --> 0:14:50.600
<v Speaker 1>which I know like during this love doing being addressed myself.

0:14:50.760 --> 0:14:52.680
<v Speaker 1>But what what do you what do you think is

0:14:52.720 --> 0:14:54.280
<v Speaker 1>going to happen in the next few months? What are

0:14:54.320 --> 0:14:55.760
<v Speaker 1>we going to see? Are going to see more like

0:14:55.920 --> 0:14:58.760
<v Speaker 1>beachy type which is a weird name to say, but

0:14:59.040 --> 0:15:04.040
<v Speaker 1>um type sort of pull outs? Will we see more sponsorships?

0:15:04.080 --> 0:15:05.960
<v Speaker 1>Like what was the sense you got? Because you I

0:15:05.960 --> 0:15:08.040
<v Speaker 1>mean you you ended this like you published a story

0:15:08.120 --> 0:15:10.560
<v Speaker 1>quite recently, so you know, but you started reporting it.

0:15:10.960 --> 0:15:13.120
<v Speaker 1>I guess was it still bullmarket days when you started

0:15:13.120 --> 0:15:16.560
<v Speaker 1>reporting it or no, it was okay, so it was

0:15:16.640 --> 0:15:20.280
<v Speaker 1>always during the crash, okay, so yeah, so it wasn't

0:15:20.280 --> 0:15:22.720
<v Speaker 1>looking all great, but maybe they weren't quite up to

0:15:22.760 --> 0:15:25.480
<v Speaker 1>speed with what was going to happen. But you know, what,

0:15:25.480 --> 0:15:29.520
<v Speaker 1>what do you think is next? I think that I mean,

0:15:29.680 --> 0:15:32.600
<v Speaker 1>one person I spoke to who helps arrange these sorts

0:15:32.600 --> 0:15:34.800
<v Speaker 1>of deals predicted that probably at least two of the

0:15:34.800 --> 0:15:37.960
<v Speaker 1>crypto sponsors that we have now across the I think

0:15:38.000 --> 0:15:40.520
<v Speaker 1>it's something like eight or nine F one teams that

0:15:40.560 --> 0:15:43.800
<v Speaker 1>have sponsor to the minute in crypto, and we'll probably

0:15:44.280 --> 0:15:53.000
<v Speaker 1>drop off for next year. I know who will they be. UM.

0:15:53.080 --> 0:15:56.880
<v Speaker 1>But that said, that doesn't mean that I think especially

0:15:56.920 --> 0:16:00.760
<v Speaker 1>certain teams have learned the hard way about doing a

0:16:00.800 --> 0:16:03.360
<v Speaker 1>deal with a sponsoring industry that can be as volatile

0:16:03.400 --> 0:16:07.520
<v Speaker 1>as crypto and so hopefully this year when they were

0:16:07.520 --> 0:16:09.560
<v Speaker 1>signing them, they would have been a lot more homework

0:16:09.600 --> 0:16:12.440
<v Speaker 1>done so like McLaren for example with Okay, because they

0:16:12.440 --> 0:16:16.000
<v Speaker 1>had that deal approved by a fifteen person strong external

0:16:16.040 --> 0:16:18.400
<v Speaker 1>advisory board before they would say yes to having another

0:16:18.440 --> 0:16:21.640
<v Speaker 1>crypto exchange as a sponsor. There's definitely been a bit

0:16:21.640 --> 0:16:24.480
<v Speaker 1>of a learning curve. But if one teams anywhere a

0:16:24.600 --> 0:16:26.280
<v Speaker 1>kind of getting there with the idea that you know,

0:16:26.280 --> 0:16:28.280
<v Speaker 1>if we have a big sponsor, we need to make

0:16:28.280 --> 0:16:30.600
<v Speaker 1>sure they're good for the money. UM. But as I

0:16:30.680 --> 0:16:33.000
<v Speaker 1>kind of said earlier, there's always going to be that

0:16:33.120 --> 0:16:37.320
<v Speaker 1>kind of like natural turnover that happens, and enough one.

0:16:37.320 --> 0:16:39.320
<v Speaker 1>They've always been pretty quick to replace you if you're

0:16:39.320 --> 0:16:43.480
<v Speaker 1>not long no longer serving their needs. All right, Thank you, Emily,

0:16:43.800 --> 0:16:47.960
<v Speaker 1>thanks for having me. You can find more of Emily

0:16:48.040 --> 0:16:51.480
<v Speaker 1>Nichole's reporting on the Bloomberg Terminal on Bloomberg dot com

0:16:51.640 --> 0:16:55.400
<v Speaker 1>and on Twitter at Emily J. Nicole, at E. M.

0:16:55.520 --> 0:17:00.120
<v Speaker 1>I L Y J N I C O L L E.

0:17:10.240 --> 0:17:13.399
<v Speaker 1>On the next episode of Bloomberg Crypto. How did a

0:17:13.480 --> 0:17:17.880
<v Speaker 1>Florida citrus farmer named William John Howie end up being

0:17:17.920 --> 0:17:21.360
<v Speaker 1>one of the most important men in crypto even though

0:17:21.359 --> 0:17:25.760
<v Speaker 1>he died. Why are companies like Ripple fighting the sec

0:17:26.040 --> 0:17:29.480
<v Speaker 1>over something known as the Howie Test? The stakes are high,

0:17:29.760 --> 0:17:33.359
<v Speaker 1>as they always are somehow when Florida is involved. Tune

0:17:33.359 --> 0:17:39.639
<v Speaker 1>in tomorrow for the juice. This is Bloomberg Crypto, a

0:17:39.760 --> 0:17:43.120
<v Speaker 1>daily podcast from Bloomberg and I Heart Radio. For more

0:17:43.160 --> 0:17:45.800
<v Speaker 1>shows from I Heart Radio, visit the I Heart Radio app,

0:17:46.040 --> 0:17:50.159
<v Speaker 1>Apple Podcasts, or wherever you get your podcasts. Send us

0:17:50.200 --> 0:17:53.040
<v Speaker 1>your comments, questions, or suggestions for the show to Crypto

0:17:53.119 --> 0:17:56.240
<v Speaker 1>at Bloomberg dot net or find us on Twitter. We're

0:17:56.280 --> 0:18:01.720
<v Speaker 1>at Crypto. The supervising producer of Oberg Crypto is Vicky Verglina.

0:18:02.119 --> 0:18:05.800
<v Speaker 1>Our senior producer is Janet Babin. Our producers are Mohammed

0:18:05.840 --> 0:18:09.439
<v Speaker 1>Faruk and Sharon Barriro. Our associate producers are Ty Butler

0:18:09.520 --> 0:18:13.080
<v Speaker 1>and Moses on Them. Desta wonder At is our engineer.

0:18:13.480 --> 0:18:18.640
<v Speaker 1>Original music by Leo Sidron. I'm Stacy Marie Schmal. We'll

0:18:18.680 --> 0:18:19.320
<v Speaker 1>be back tomorrow,