Second information revealed Recently, crypto exchange Crypto.com withdrew from a billion-dollar sponsorship deal with sports organization UEFA Champions League.
This agreement involved the sum of BRL 2.5 billion reais as indicated in a report published by Sportusiness on Wednesday, August 31st.
However, the exchange’s legal team canceled the negotiations over alleged “regulatory concerns” with the company’s licenses in the United States, United Kingdom, France and Italy.
agreement details
Some of the information revealed indicates that the agreement would allow Crypto.com to be present in the Champions League until the year 2027 at a cost of approximately R$500 million per season.
Crypto.com became a potential sponsor of the competition after the Champions League canceled a deal with Russian state-owned company Gazprom as a response to the invasion of Ukraine.
This information generated a climate of concern among some users, due to recent rumors about a possible crisis within the exchange generated by the current market situation.
Major exchange sponsorships
Since the beginnings of Crypto.com the company has been involved in major sponsorships paying millions of dollars in advertising costs, making deals with personalities like actor Matt Damon who appeared in a TV commercial promoting the use of the exchange.
The exchange has also partnered with major brands and associations such as:
- Formula 1.
- Aston Martin.
- Australia Football League.
- FIFA.
These agreements were made with the aim of converting the exchange into a major competitor in the cryptocurrency market, however this niche is still dominated by industry leaders such as Binance and Coinbase.
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