According to the rumours, Crypto.com has withdrawn from a sponsorship agreement with Uefa for the Champions League. Due to reservations about tighter cryptocurrency regulation, the partnership, worth £428 million over five seasons, was abruptly terminated.
Crypto.com cancelled the agreement because rules were unclear in the UK, France, and Italy, and there were legal concerns about the scope of its operating and trading licenses.
With more and more football sponsorship deals being signed, digital assets have emerged from the economic periphery and reached the mainstream during the last few years.
Crypto.com has withdrawn its sponsorship of the Uefa Champions League.
With trading site WhaleFin, Chelsea and Atletico Madrid also inked contracts, and Manchester City has OKX as a partner for their training uniforms.
The website is prepared to take Gazprom’s place as a sponsor. The company’s decision follows the deal’s cancellation due to Russia’s invasion of Ukraine earlier this year.
Football fans are spending millions on Crypto tokens
Football history was established by Spanish striker David Barral last year when he transferred from Real Madrid to DUX International de Madrid and used Bitcoin to pay for it.
Uefa says that the cryptocurrency business helps clubs make up for a lot of the money they lost because of the pandemic.
However, detractors claim there are worries about the cryptocurrency market’s volatility. The unusually sharp decline in token prices puts supporters at risk of accruing debt.
In 2021, the exchange will collaborate with Formula 1 for its Sprint series.They signed a 20-year, $700 million agreement to rename Los Angeles’ Staples Center the Crypto.com Arena and agreed to sponsor the Aston Martin squad competing in the racing event. The exchange launched a $25 million, five-year sponsorship agreement with the Australian Football League in 2022, becoming one of the FIFA World Cup in Qatar’s official sponsors.
Fans of other currencies are criticising the cryptocurrency market.
Fans, regulators, and politicians have escalated their scrutiny and criticism of the cryptocurrency industry, claiming that it is peddling unsafe and unstable financial products. Advocates describe the industry as a cutting-edge financial and technological frontier.
The cryptocurrency exchange, a platform where users can buy and sell cryptocurrencies, also has sponsorship agreements with Serie A and the Qatar-hosted FIFA World Cup in 2022.
The Singapore-based company also holds numerous significant sponsorship agreements in American sports. The most important of these is a deal to rename the Staples Center in Los Angeles as the Crypto.com Arena. This will cost about $700 million over 20 years.
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