Since last year, when the crypto exchange spent $700 million on sponsorships.
Crypto.com received a licence to operate in the UK recently.
SportBusiness revealed earlier today that in the early part of the summer, Crypto.com backed out of a major sponsorship arrangement with the European Champions League (UEFA). The lost arrangement was apparently valued at $495 million and would have lasted for five seasons at a cost of 100 million euros each season, or $99 million annually, for the cryptocurrency exchange.
UEFA’s previous sponsor, Russian natural gas corporation Gazprom, was dropped in March after Russia’s invasion of Ukraine in order to begin talks with Crypto.com. Originally, Crypto.com was supposed to take Gazprom’s position.
Millions Spent on Sports Sponsorship
However, the article states that the present crypto bear market did not cause the discussions for Crypto.com to derail. While UEFA’s partnership with Crypto.com has ended, the organization still has many other sponsors. According to the league’s official website, it currently partners with a number of different brands like Lay’s, Heineken, Mastercard, FedEx, and Sony PlayStation.
Since last year, when the crypto exchange spent $700 million on naming rights for the Los Angeles stadium and aired the much-parodied “Fortune Favors the Brave” commercial starring Matt Damon, the company’s marketing arm has been busy.
With this year’s sponsorship of the FIFA World Cup, Crypto.com continues its foray into the world of sports sponsorships. The exchange has a $100 million partnership with Formula 1 racing and sponsors the Philadelphia 76ers of the NBA.
Even yet, the market looks to be continuing to put resources into growing its customer base. Crypto.com received a licence to operate in the UK and hopes to soon expand into South Korea.