Cryptocurrency exchange Crypto.com has been unveiled as the official sponsor of the 2024 UEFA Champions League.
This makes the exchange the first crypto-based company to secure a sponsorship with Europe’s premier sports competition.
Crypto.com Announces New Deal, Signals Confidence in Key Markets
The deal was announced on Wednesday, August 14th. However, the announcement did not disclose the length of the partnership or financial details. This deal comes two years after Crypto.com backed out of a similar sponsorship deal with UEFA. Their previous partnership was reportedly valued at $495 million.
Crypto.com reportedly pulled out of the deal due to legal concerns about its ability to operate in the UK, France, and Italy. However, the new partnership signals the exchange’s confidence in operating in these regions and its credibility.
The exchange views its deal with UEFA as a strategic move. Crypto.com’s chief marketing officer, Steven Kalifowitz, wrote, “We have successfully built the Crypto.com brand and community by producing innovative and groundbreaking moments and events in a way that others have not been able to replicate. Connecting our brand with engaged sports fans around the world has effectively grown our user base to over 100 million in pursuit of our mission of cryptocurrency in every wallet.”
How Important is this Deal?
Partnerships with sporting brands and organizations are a good way for crypto firms to expand their global presence and appeal. Crypto.com has actively partnered with some of the world’s leading sports brands. The cryptocurrency exchange secured the naming rights to the home of the NBA’s Los Angeles Lakers and NHL’s Los Angeles Kings during the 2021-2022 season. However, those deals hit a rock due to the effect of the bear market.
However, Crypto.com’s partnership with UEFA is significant as it brings it closer to millions of sports viewers. Millions of people watch UEFA matches. This presents the exchange with a perfect way to spread its influence. The deal could serve as a gateway to onboard more mainstream users to crypto.
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