Crypto.com pulls out of partnership deal with UEFA

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Popular cryptocurrency exchange, Crypto.com, has withdrawn from its partnership with the Union of the European Football Association (UEFA). The company confirmed the development in its latest blog post. According to Crypto.com, the decision to terminate the deal came after its legal advisors reviewed the company’s legal policies in several counties. The deal concluded was worth approximately $ 500 million.

The swap was supposed to be the star of the UEFA Champions League for five seasons with the deal. Its execution was to start in 2027 at $ 100 million per season, making it UEFA’s most expensive Champions League deal. UEFA has reportedly turned to crypto.com to replace Gazprom, a state-owned energy company.

Gazprom was sacked to avoid funding the Russian economy in the ongoing war. Now, the exchange’s decision to withdraw from the deal means that enforcement of those terms is no longer feasible. The policy of regulatory exchange in countries such as Italy, England and France, considered strengths of European football, has influenced the partnership.

The exchange continued to work with numerous sports actors in its quest for expansion. He is one of FIFA’s official partners for the 2022 World Cup in Qatar. Recently, the exchange signed a $ 100 million deal with Formula 1 racing. Crypto.com is also the official sponsor of the Philadelphia 76ers, an NBA team.

Punt Crypto casino banner

Prior to the termination of the deal, crypto.com would have spent millions of dollars on advertising and significant sponsorship announcements for sporting events and teams. During the period, Crypto.com bought the naming rights to the Crypto.com arena in Los Angeles for $ 700 million. However, despite the termination of the agreement, UEFA is still in partnership with other institutions, such as Mastercard, Heineken, FedEx and Sony PlayStation.

Cryptographic and sports institutions maintain a formidable relationship

Beyond Crypto.com, the relationship between cryptocurrencies and sports players has been formidable. Over time, sports teams such as PSG, Norwich, Chelsea and Manchester City have partnered with several cryptocurrency companies.

Through the Super Bowl, the adoption of cryptocurrencies in the sports industry has reached a new level this year. A 30-second commercial during the Super Bowl event cost like much like $ 7 million. Celebrities like Larry David and LeBron James advertised cryptocurrency brands at the event. Additionally, the event included announcements for crypto companies such as Coinbase and eToro.

While the sports world relies on the economic strength of the cryptocurrency market to support their brands and teams, cryptocurrency companies are relying on sporting endeavors to expand the adoption of cryptocurrencies.

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