Fifa adds Crypto.com as FIFA World Cup sponsor
Fifa has struck a World Cup sponsorship deal with Crypto.com, people familiar with the matter have said, giving the fast-growing cryptocurrency platform the rights to market the biggest international soccer tournament. .
The deal, which is expected to be announced on Wednesday, underscores the burgeoning ties between the world’s hottest sports and the growing world of digital assets, such as cryptocurrencies.
Fifa’s existing sponsors, worth hundreds of millions of euros over multiple World Cup cycles, include sportswear maker Adidas, US drinks company Coca-Cola and US payments group Visa .
The duration and value of the tie-up with Singapore-based Crypto.com could not immediately be determined.
This year’s World Cup is set to start in November instead of its usual time slot in June and July due to the summer heat in Qatar.
This tournament will be the first World Cup to be held in the Middle East. World football’s governing body Fifa and authorities in Qatar have come under fire over conditions for migrant workers at the construction sites of stadiums being built to host matches at the event.
Professional sports leagues and teams, which have suffered heavy losses from the coronavirus pandemic, are signing lucrative sponsorships with crypto groups as they seek to recover and rebuild their revenue. Meanwhile, companies in the nascent digital asset industry are turning to some of the world’s best-known brands to boost their profile and attract customers.
Crypto.com has poured money into sports sponsorship with a range of deals ranging from naming rights to the famed Staples Center arena in Los Angeles to the Formula 1 motor racing series and martial arts competition Ultimate Fighting Championship.
Crypto.com has agreed to pay more than $700 million over the next two decades for ownership rights to the Los Angeles arena, according to people familiar with the deal.
The trading platform joined rivals Coinbase and FTX in taking top advertising slots during the Super Bowl last month.
Crypto.com’s football partnerships include French team Paris Saint-Germain and the South American Football Confederation, known as Conmebol.
More than 1.1 billion people watched France beat Croatia in the last World Cup final, according to Fifa. Held in Russia, the 2018 tournament generated $6 billion in revenue.
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