But how far will Crypto.com go?
The crypto exchange continues to expand its grip on sports. The platform has just signed a contract which will enable it to extend its notoriety throughout the world.
Crypto.com will become one of the sponsors of the next FIFA World Cup in Qatar, the platform announced on Tuesday. The agreement has been signed with FIFA, an international governing body for many major soccer tournaments.
This competition, which brings together the biggest soccer nations, will begin in November in Qatar, a country that still bans crypto.
The company will be the exclusive cryptocurrency trading platform sponsor of Qatar 2022 and will benefit from significant branding exposure both within and outside the tournament’s stadiums.
Crypto.com will provide opportunities for new and existing users to attend matches during the tournament or win exclusive merchandise as part of the partnership, the company said.
Crypto.com does not provide financial details of this partnership.
This agreement is particularly interesting since in general cryptocurrencies, including bitcoin are illegal in Qatar.
“Crypto.com has already demonstrated a commitment to supporting top-tier teams and leagues, major events and iconic venues across the world, and there is no platform bigger, or with a greater reach and cultural impact, than FIFA’s global platform of football,” said Kay Madati, FIFA’s chief commercial officer.
“We are delighted to have a global brand like Crypto.com join us as a sponsor of the exciting and groundbreaking FIFA World Cup in Qatar, ultimately helping to grow our beautiful game on a global scale.”
Big Exposure
This deal is the latest piece in Crypto.com's strategy in sports. The platform counts basketball star Lebron James as an ambassador .
In November, Crypto.com secured the naming rights of the Staples Center in Los Angeles, home to the Lakers, Clippers, Kings and Sparks — and now called Crypto.com Arena in Los Angeles.
The platform also became the official cryptocurrency exchange and trading platform for the men’s and women’s professional soccer league in Australia.
Crypto.com has partnerships in motorsports, MMA, basketball, ice hockey as well as football.
“We could not be more excited to sponsor the FIFA World Cup, one of the most prestigious tournaments in the world, and to drive further awareness of Crypto.com globally,” said Kris Marszalek, co-founder and chief executive officer of Crypto.com.
“Through our partnership with FIFA, we continue to use our platform in innovative ways so that Crypto.com can power the future of world-class sports and fan experiences around the world.”
This partnership is likely to give greater visibility to Crypto.com. According to FIFA, more than 3.5 billion people watched the 2018 FIFA World Cup in Russia, with more than a billion watching the final between France and Croatia.
The World Cup in Qatar will also be highly publicized because of the circumstances that marred the country's bidding to host the marquee event, and the controversies surrounding the emirate.
Allegations of corruption and bribery surround the attribution of the organization of this planetary event to Qatar. The Department of Justice said in April 2020 that FIFA execs received bribes to give the World Cup to Russia and Qatar.
There are also accusations of mistreatment of the workers who built the sites and infrastructure to house the competition.
Crypto.com was founded on 2016 and claims more than 10 million customers and over 4,000 employees across its offices in the Americas, Europe and Asia.
