Crypto.com has withdrawn at the last minute from its five-year agreement with the UEFA Champions League, for which it was to be a sponsor worth more than $100 million annually.
Crypto.com is no longer a sponsor of the UEFA Champions League
The cryptocurrency exchange famous for its sponsorships in the sports world, Crypto.com, appears to have decided at the last minute to withdraw from its five-year agreement with the UEFA Champions League.
The contract was worth just over $100 million per year in exchange for Crypto.com’s logo being placed on the soccer tournament. A deal that was much discussed but apparently never signed.
Yet in soccer, Crypto.com is already an official sponsor of the upcoming 2022 World Cup in Qatar, and also an official sponsor of Italy’s Serie A.
Also present in other major sporting events, Crypto.com is a sponsor of Formula 1 and has named itself the stadium of the U.S. Los Angeles Lakers basketball team, which will be called Crypto.com Arena.
Crypto.com changes its mind as a sponsor, but also in its products
A likely rethink, then, is that of Crypto.com in continuing to be one of the logos of cryptocurrency companies with the most appearances at sporting events.
The motivation may be precisely this “long crypto winter” affecting the prices of Bitcoin and other cryptocurrencies as CRO since the beginning of 2022.
And in fact, as of June 1, 2022, Crypto.com also implemented an update to its Visa Card rewards program, which has been active since 2018. An update that, however, did not sit well with the market, precisely because all rewards, from cashback to staking rewards, were reduced.
Not only that, at the end of the same June, Crypto.com also reportedly removed as many as 13 cryptocurrencies from its Earn program, including Dogecoin (DOGE) and Shiba Inu (SHIB).
The mistake of sending $10 million to a user
Recently, Crypto.com has been in the news for an unbelievable mistake! And in fact, the cryptocurrency exchange accidentally sent one of its users the sum of $10.5 million instead of $100.
The problem occurred in May 2021, but since the user allegedly hid the incident, Crypto.com only managed to notice it 7 months later.
From what emerged, the user allegedly used up the money he received to purchase a mansion in Craigieburn, receiving, however, after the shrewdness, an order from the judge to sell the property and return the remaining money.
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