DEFI

Crypto.com to Sponsor 2022 FIFA World Cup

Singapore-based cryptocurrency exchange app Crypto.com announced on Wednesday, March 22, that it will be an official sponsor of the 2022 FIFA World Cup, scheduled for a November kickoff in Qatar.

Key Takeaways

  • Crypto.com will be an official sponsor of the 2022 FIFA World Cup.
  • The exchange’s branding will feature prominently at the tournament’s venues and provide customers with opportunities to attend matches and win merchandise.
  • Cryto.com has recently signed other high-profile sponsorship deals with the Staples Center, the Australian Football League, Formula 1, and the UFC.
  • The exchange predicts that crypto owners will surpass 1 billion by the end of 2022, up from around 300 million in 2021.

The corporate sponsorship agreement will see Crypto.com’s branding feature prominently at the tournament’s venues and provide its 10 million-plus customers with opportunities to attend matches and win merchandise.

“No sport brings the world together like football, and no sporting event brings the world together the way FIFA World Cup does,” Crypto.com Chief Marketing Officer Steven Kalifowitz told crypto website CoinDesk, adding, “Only a few brands have the privilege to participate as official sponsors, and we jumped at the opportunity to be the first brand to represent the crypto industry in this historic month-long event.” Crypto.com and FIFA did not disclose the deal’s value or timespan.

Inking More Sponsorship Deals

Over the past year, Crypto.com has significantly boosted its investments in high-profile sponsorship agreements and sports advertising. In November, the exchange purchased the naming rights to the Staples Center in Los Angeles for the next two decades, renaming it Crypto.com Arena, in an estimated $700 million deal.

It also has a $25 million partnership with the Australian Football League (AFL) and multi-million-dollar sponsorship deals with Formula 1 and the Ultimate Fighting Championship (UFC). Additionally, the trading platform, which is also known for its tiered metal Crypto.com credit cards, joined rivals Coinbase Global, Inc. (COIN) and FTX Trading Ltd., taking out coveted advertising slots at this year’s Super Bowl between the Los Angeles Rams and Cincinnati Bengals that reached 167 million viewers.

According to NBC, some advertisers paid up to $7 million for a 30-second commercial during this year’s Super Bowl.

Betting on Global Crypto Adoption

In January, Crypto.com released its “Crypto Market Sizing” report, which measures global adoption of the asset class. It found that those who own crypto grew to nearly 300 million last year and predicted that the figure would surpass 1 billion by the end of 2022. Furthermore, Crypto.com’s blockchain ecosystem Cronos has experienced exponential growth over the past six months, according to data from Defi Lama. Total value locked (TVL)—the overall value of crypto assets deposited—in decentralized finance (DeFi) protocols on Cronos has risen from around $5 million in early November to over $330 billion as of late March.

Decentralized finance (DeFi) is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. The system removes the control banks and institutions have on money, financial products, and financial services.

Crypto.com’s sponsorship of this year’s World Cup provides further reach of its offerings to an international audience, given soccer’s global appeal. A FIFA audit revealed that more than 3.5 billion people watched the 2018 World Cup staged in Russia, with a combined worldwide audience of 1.2 billion viewers watching the final between France and Croatia.

Traciwininger
Author: Traciwininger

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