This Crypto Company Has Become An Official Sponsor Of FIFA World Cup 2022

Singapore-based Crypto.com has signed a deal with soccer's world governing body FIFA to be the exclusive cryptocurrency trading platform sponsor for the Qatar World Cup.

What Happened: The cryptocurrency exchange will see its brand inside and outside stadiums during the soccer tournament, which will take place between Nov. 21 to Dec. 18, FIFA said on Wednesday.

"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.

Other sponsors for the event include Anheuser Busch Inbev SA-owned (NYSE: BUD) Budweiser and McDonald's Corp (NYSE: MCD).

Why It Matters: The total amount of compensation involved in the deal remained undisclosed at press time, but Crypto.com is known to have spent big on sports-related branding.

The company aired its commercial starring Matt Damon at this year's Super Bowl LVI, which was dubbed "Crypto Bowl" by several publications for the sheer number of advertisements centered on cryptocurrencies.

In November 2021, it acquired the naming rights for the iconic Staples Center for $700 million. As per the terms of the deal, Staples Center was renamed Crypto.com Arena. 

Crypto.com is also an official partner for Formula 1 and Ultimate Fighting Championship.

Price Action: At press time, Crypto.com’s native token Cronos (CRYPTO: CRO) was trading at $0.45, up 1.48% in the last 24 hours. Bitcoin (CRYPTO: BTC) was trading at $42,276, gaining 1.86% and Ethereum (CRYPTO: ETH) was trading at $2,957, up 1% over the same period.

Photo courtesy: Crypto.com