Shock Decision From The Giant Cryptocurrency Exchange: Withdrawn From The $500 Million Sponsorship Agreement!

Cryptocurrency exchange Crypto.com withdrew from its major sponsorship deal with the European Champions League (EUFA) earlier this summer, SportsBusiness reported today.

Cryptocurrency Exchange Crypto.com Withdraws From €100 Million Annual Deal

While the deal will reportedly run for five seasons and cost the crypto exchange around €100 million per season, the currently canceled deal is worth a total of $495 million.

Prior to negotiations with Crypto.com, EUFA was sponsored by Russian gas company Gazprom, which was canceled in March after Russia’s invasion of Ukraine. Crypto.com was planned to replace Gazprom.

According to the news, negotiations with Crypto.com are ongoing. bitcoin and the cryptocurrency was inconclusive due to the bear market.

Although the Crypto.com deal has been terminated, EUFA has many other sponsors available. According to EUFA’s website, the league has active agreements with Lay’s, Heineken, Mastercard, Fedex and Sony PlayStation.

Crypto.com Hottested With Matt Damon Ad

Ever since he bought the naming rights to the Crypto.com arena in Los Angeles for $700 million and his critically acclaimed “Fortune Favors the Brave” commercial with Matt Damon last year, the marketing department at the cryptocurrency exchange has been hard at work.

Crypto.com continued to tap into sports partnerships, signing an agreement to sponsor the FIFA World Cup this year. The exchange also sponsors the Philadelphia 76ers NBA team and has a $100 million deal with Formula 1 racing.

Despite this, the exchange seems to continue to invest to expand its reach. This month, Crypto.com has been confirmed to operate in the UK and has plans to expand into South Korea as well.

*Not investment advice.