The Crypto.com exchange is once again making headlines. While the company was said to be in negotiations with the European Champions League (UEFA) at the start of the summer, it would have “withdrawn at the last moment“. According to reports, it was supposed to partner with UEFA instead of a Russian gas company. However, due to his withdrawal, the deals reportedly did not ultimately proceed.
An agreement that will not see the light of day
According to SportBusiness, the deal that was to emerge between Crypto.com and UEFA was to last five seasons and would have cost nearly 100 million euros ($99 million per year) per season on the cryptocurrency exchange. In total, the overall value of the deal is believed to be around $495 million.
In principle, if the negotiations had continued, Crypto.com would have taken the place of Gazprom in the rank of football league partners. Indeed, the latter had decided to break the agreements with the company in response to the invasion of Ukraine by Russia last March. Discussions with Crypto.com were unsuccessful, however, due to the market downtrend digital assets.
Although talks with Crypto.com have stalled, UEFA has no shortage of options with its other big-name partners. Examples include Lay’s, Heineken, Mastercard, Fedex and Sony PlayStation.
The Sports World and Crypto.com
Ever since its “Fortune Favors the Brave” ad with Matt Damon, Crypto.com has never stopped its foray into sports. She has signed a deal to sponsor the FIFA World Cup this year. Also, she became an official sponsor of the Philadelphia 76ers NBA team. Finally, she signed a agreement with Formula 1 ; a $100 million deal.
Not all of the crypto exchange’s exploits prevent it from finding itself in turmoil, however. Indeed, after a first series of layoffs in June and then another in August, it is very criticized on the networkssocial. However, this does not seem to affect the management team of the company since they have been accepted in the United Kingdom and are planning to settle in South Korea as well.
Crypto.com made the suspense last until the end! Unexpectedly, it decided to end discussions with UEFA to become a partner of the football league in place of the Russian gas company. However, this situation does not prevent it from pursuing its expansion objectives.
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