cryptocurrency

$495 million deal written off between Crypto.com and UEFA

  • Since last year, when the cryptocurrency exchange spent $700 million on sponsorships.
  • Crypto.com was recently licensed to operate in the UK.

SportBusiness revealed earlier today that in the early part of the summer, Crypto.com Backed by a major sponsorship arrangement with the UEFA Champions League (UEFA). The missing arrangement was apparently valued at $495 million and will run for five seasons at a cost of €100 million each season, or $99 million annually, to the crypto exchange.

Former UEFA sponsor, Russian natural gas company Gazprom, was fired in March after the Russian invasion of Ukraine in order to start talks with Crypto.com. Originally, Crypto.com was supposed to take over the position of Gazprom.

However, the article states that the current cryptocurrency bear market has not derailed the Crypto.com discussions. While UEFA’s partnership with Crypto.com has ended, the organization still has many other sponsors. According to the league’s official website, it is currently partnering with a number of different brands such as Lay’s, Heineken, Mastercard, FedExSony Playstation.

Since last year, when the crypto exchange spent $700 million on naming rights for a Los Angeles stadium and aired the popular “Fortune Favors the Brave” commercial starring Matt Damon, the company’s marketing arm has been busy.

By sponsoring this year’s FIFA World Cup, Crypto.com continues its foray into the world of sports sponsorship. The exchange has a $100 million partnership with Formula 1 racing and sponsors the Philadelphia 76ers of the NBA.

However, it appears that the market continues to invest resources in growing its customer base. Crypto.com has obtained a license to operate in the United Kingdom and hopes to soon expand into South Korea.

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