Cryptocurrency firm pulls out of UEFA Champions League deal

Crypto.com has pulled out of a sponsorship deal with UEFA for the Champions League. The deal, worth £428m over five seasons, is said to have fallen through at the "last minute", amid concerns about increased crypto regulation.

The cryptocurrency exchange was set to replace Gazprom after UEFA cut ties with the Russian energy provider due to the war in Ukraine.

The concerns are thought to be related to potential legal trade restrictions.

Over the past few years digital assets have moved from the fringes of the economy and into the mainstream, with more and more football sponsorship deals being confirmed.

Both Chelsea and Atletico Madrid signed a deal with trading platform WhaleFin and Manchester City have OKX as their training wear partner.

Watford previously had Bitcoin as a club sponsor and accepted the cryptocurrency at the club.

Last year, Spanish striker David Barral made football history when his move from Real Madrid to DUX International de Madrid was paid for using Bitcoin.

According to UEFA, the cryptocurrency sector has partially helped clubs replenish revenue streams that were lost as a result of the pandemic.

Por kritikët thonë se ka shqetësime për paqëndrueshmërinë e tregut të kriptove – veçanërisht se rënia e çmimit të argumenteve mund t'i ekspozojë fansat ndaj borxheve të mundshme.

Pavarësisht këtyre marrëveshjeve fitimprurëse të sponsorizimit, Bitcoin ka rënë pothuajse 70% nga niveli i tij historik i nëntorit 2021, Ethereum ka rënë më shumë se 70%, dhe disa shkëmbime kriptosh kanë pushuar nga puna punëtorët në masë.

Në qershor, Crypto.com shkurtoi pothuajse 5% të fuqisë punëtore - rreth 260 punonjës - sipas shefit ekzekutiv Kris Marszalek.

Crypto.com është platforma e kriptove me rritjen më të shpejtë me më shumë se 10 milionë përdorues në mbarë botën.

Faqja, e cila ka selinë globale në Singapor, ka gjithashtu marrëveshje sponsorizimi me Formula 1, Kampionatin Botëror të Hokejit në Akull dhe Kupën e Botës FIFA 2022 në Katar.

It also has many major sponsorship deals in American sports, culminating its marketing efforts earlier this year with an ad featuring basketball legend LeBron James that aired during televised coverage of the Super Bowl.

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