Crypto.com and UEFA also discussed a Champions League sponsorship deal in 2022, but it ultimately fell through at the last minute.
Crypto.com “Closes” Long-Term Sponsorship Deal with UEFA Champions League
Cryptocurrency exchange Crypto.com has become an official sponsor of the UEFA Champions League, Europe’s premier club football tournament, nearly two years after the deal collapsed . Financial terms and the duration of the multi-year deal were not disclosed.
According to the announcement from the exchange, the sponsorship agreement will be officially announced at the European Super Cup match between Real Madrid and Atalanta taking place at 02:00 on Thursday, August 15, 2024 in Warsaw (Poland).
Crypto.com ’s UEFA Champions League Sponsorship Deal Canceled in 2022 was said to be worth $495 million. At that time, the Singapore-based exchange announced its withdrawal from the five-year deal due to legal issues related to trading licenses in the UK, France, Italy and partly due to the impact of financial resources being "narrowed" by the "downtrend" of the crypto market at that time.
⚽️ BIG NEWS ⚽️ https://t.co/vCNztATkNg & UEFA @ChampionsLeague announce historic partnership
— Crypto.com (@cryptocom) August 14, 2024
✅ https://t.co/vCNztATkNg is #UCL 's 1st Global Crypto Platform Partner
🤝 Together we're bringing crypto to 3 Billion fans
See us at today's UEFA #SuperCup 🏆 @RealMadrid vs… pic.twitter.com/SUJ9FQ2IFD
Crypto.com is one of the cryptocurrency exchanges with many "huge" sports sponsorship deals in 2021-2022, including purchasing the naming rights to the stadiums of the Los Angeles Lakers (NBA) basketball team and the Los Angeles Kings (NHL) hockey team, sponsoring the 2022 World Cup in Qatar , the Aston Martin F1 racing team, the Fnatic esports team (UK), the Montreal Canadiens hockey team (Canada), the Serie A football league , the Copa Italia Super Cup (Italy), the Hockey World Championship, Formula 1 racing , the UFC , the Paris Saint-Germain football club (France) and the Philadelphia 76ers basketball team (USA).
Not stopping there, in October 2021 , Crypto.com also spent up to 100 million USD on a multinational advertising campaign with the participation of actor Matt Damon . However, Crypto.com is not the first cryptocurrency exchange to promote its brand through sports sponsorship deals.
During the same period of 2021 - 2022, the FTX empire also "spent" hundreds of millions of dollars sponsoring many major sports organizations such as Major League Baseball (MLB) , North American League of Legends Championship Series (LCS), Cal Athletics University and American football legendTom Brady , basketball star Stephen Curry , tennis star Naomi Osaka , Mercedes-AMG Petronas F1 racing team, renaming the Miami Heat stadium to FTX Arena , and buying advertising at the Super Bowl in early 2022.
However, after the historic collapse that caused countless consequences, organizations that had received funding from FTX later also massively abandoned their relationship with the exchange , including:
- Miami-Dade County in Miami (USA) and the Miami Heat basketball team announced that they were cutting ties with the exchange just hours after FTX filed for bankruptcy .
- Visa also canceled crypto debit card transactions with FTX after the "stormy" announcement in October 2022 that the service would launch in more than 40 countries.
- Esports company TSM removes FTX logo , ends $210 million sponsorship deal.
Up to now, other popular exchanges such as Binance , Coinbase , OKX ... have all joined this trend, but it cannot be denied that FTX is the leading representative when the number of sports units that the exchange sponsored during its "golden age" was equal to all other competitors combined.
FTX is currently in the process of preparing a $12.7 billion settlement , including $8.7 billion in repayment to creditors and $4 billion in forfeiture of ill-gotten assets under a court-approved settlement with the CFTC. Former FTX CEO Sam Bankman-Fried is currently incarcerated in the Manhattan Detention Center under a 25-year prison sentence , and is appealing his conviction .
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