As reported by SportBusiness, Crypto.com has withdrawn its sponsorship of the UEFA Champions League due to financial difficulties amid the ongoing crypto-zima.
Had the contract been signed, Crypto.com would have funded the football tournament for five seasons, investing approximately $100 million per season.
Crypto.com sponsors many sporting events and teams and spends millions of dollars on advertising. The company invited actor Matt Damon to star in a TV commercial, “Fortune Favours the Brave,” which was launched in October.
In 2021, the exchange partnered with Formula One in the Sprint Series and sponsored the Aston Martin team in that race. The company also paid $700 million to rename the Los Angeles Staples Center as Crypto.com Arena for 20 years. In 2022, the exchange signed a five-year, $25 million contract with the Australian Football League and became one of the official sponsors of the Qatar World Cup.
In June, Crypto.com CEO Chris Marszalek announced that the exchange would cut 260 people from its staff, representing 5% of its total workforce. It remains to be seen how the falling market will affect the platform’s long-term sponsorship deals.