Sponsorship of the Crypto.com Champions League is canceled - Report

According to reports, major cryptocurrency platform Crypto.com withdrew from what may have been one of the largest-ever advertising deals for the Champions League when last-minute negotiations with the Union of European Football Associations (UEFA) broke down.

After the organization rejected Gazprom as the event's sponsor in March owing to its ties to Vladimir Putin's administration attacking Ukraine, the cryptocurrency platform was preparing to take its place. According to industry newspaper SportBusiness.com, the new agreement covered five seasons at a cost of EUR 100 million (USD 100.5 million) per season, or EUR 500 million.

The 2018 FIFA World Cup in Qatar, which begins on November 20, is one of the big sporting events that Crypto.com is already participating in promoting.

The exchange started a global advertising campaign last year with well-known Hollywood actors like Matt Damon to increase the company's recognition on a global scale. The cost of the campaign was pegged at about $100 million.

Additionally, the business inked a contract in November 2021 with the sports and live entertainment company AEG to secure the naming rights for the Staples Center, a venue in Los Angeles that is known for hosting high-profile sporting events and concerts, including the home games of NBA teams Los Angeles Lakers and LA Clippers.

The adverts for athletes LeBron James and Tom Brady, as well as actor Matt Damon, have reportedly vanished from US television as cryptocurrency exchanges hunt for methods to reduce their spending on marketing and advertising.

The amount recorded for July 2022, at just USD 36,000, demonstrates how little the sector is now ready to spend on television advertising. According to data collected by TV-ad monitoring company ISpot.tv, crypto businesses spent USD 3m on TV ads in June of last year. That the July 2022 number was the lowest monthly amount since January 2021 is notable.