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CryptoCom Backs Out of Sponsorship Deal with UEFA’s Champions League Crypto.com Backs Out of $495 Sponsorship Deal with UEFA’s Champions League

CryptoCom Backs Out of Sponsorship Deal with UEFA’s Champions League Crypto.com Backs Out of $495 Sponsorship Deal with UEFA’s Champions League

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Citing legal issues it has faced in some European countries, Singapore-based CryptoCom has pulled out of a $495 million sponsorship deal with the European Football Union (UEFA) Champions League.

The regulatory issues behind scrapping the contract

Among other things, the cryptocurrency company, which offers trading, DeFi and wallet services, was supposed to replace the Russian oil giant Gazprom as a sponsor for the next five seasons until 2027. UEFA abandoned its contract with Gazprom in March after Russia’s invasion of Ukraine. , according to media reports.

According to the media, CryptoCom expects legal and regulatory problems in trading and operating in the UK, France and Italy. The decision to back out at the last minute appears to have been forced by the bear market, with $2 trillion in market value lost over the past six months.

According to some analysts, crypto companies have so far spent $2 billion on sports sponsorship deals. The big question is whether they can sustain these large investments due to the market downturn.

CryptoCom’s global extension station

But for CryptoCom, the market downturn doesn’t seem to have dampened its desire to invest more in sports. In August, it announced a nine-figure investment plan to revamp the CryptoCom Arena.

Last month, it was licensed by the UK’s Financial Conduct Authority (FCA) to operate as a digital asset business. Likewise, South Korean authorities granted CryptoCom a registration and license to operate in the country as a Virtual Asset Service Provider.

In addition, it has received licenses in Italy, Cyprus, Singapore (in principle) and Dubai (provisional) in the last two months.

In November 2021, CryptoCcom purchased the naming rights to the Staples Center in Los Angeles for 20 years for $700 million. Now it’s called CryptoCom Arena. In March, the company signed a multi-year sponsorship agreement with the Aston Martin Cognizant Formula Team, and in June a five-year sponsorship agreement with Formula 1. The platform also reportedly paid $100 million to Hollywood actor Matt Damon for a TV commercial. .

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