Crypto.com Pulls Out

The £428m deal, which spans five seasons, is said to have failed “at the last minute” amid concerns over tightening crypto regulation.

The cryptocurrency exchange is set to replace his Gazprom after Uefa cut ties with a Russian energy company over the war in Ukraine.

This concern is believed to be related to potential legal trade restrictions.

In recent years, digital assets have moved from the fringes of the economy into the mainstream, with more and more confirmed football sponsorship deals. Chelsea and Atlético Madrid have signed deals with trading platform He WhaleFin, while Manchester City have hired OKX as their training equipment partner.


Watford Owned Bitcoin:

Watford previously owned Bitcoin as a club sponsor and accepted cryptocurrencies at the club.

Last year, Spanish striker David Varral made football history when his transfer fee from Real Madrid to DUX International de Madrid was paid in Bitcoin.

According to Uefa, the crypto sector is helping clubs partially make up for lost revenue streams due to the pandemic.

Critics, however, say there are concerns about volatility in the cryptocurrency market, particularly falling token prices, that could expose fans to potential debt.

Despite these lucrative sponsorship deals, Bitcoin has fallen nearly 70% from its all-time high in November 2021, Ethereum has fallen more than 70%, and several crypto exchanges have forced workers to I was laid off. According to CEO Kris Marszalek, Crypto.com cut nearly 5% of its workforce (about 260) in June.


Crypto.com is the fastest-growing crypto platform with more than 10 million users around the world.

The site, which has global headquarters in Singapore, also has sponsorship deals with Formula 1, the Ice Hockey World Championship and the 2022 Fifa World Cup in Qatar.

It also has many major sponsorship deals in American sports, topping off its marketing efforts earlier this year with an advert featuring basketball legend LeBron James that aired during TV coverage of the Super Bowl.

CRYPTO.COM
The collapse of the Champions League deal with Crypto.com, first reported by SportBusiness, is said to have been because of fears that regulatory concerns in European countries could create legal problems for the company`s ability to trade and operate.

Haider Rafique, global marketing chief at OKX, the second-largest global crypto exchange, told the BBC: “The European regulatory landscape as it applies to the crypto space is nuanced and still evolving. “The changing regime will focus on regulatory concepts such as consumer protection and anti-money laundering that are widely welcomed by the industry.

“Keeping abreast of changes to this framework and adjusting internal practices accordingly will help the crypto business thrive in the region in the long term.”


 

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