Tuesday, December 6, 2022
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Crypto.com scales down some sports partnership deals: Report

According to a report published on October 6 by Ad Age tech, Crypto.com reduced the scope of sponsorship agreements signed with major sports organisations such as the Angel City Football Club in Los Angeles, the 2022 FIFA World Cup in Qatar, and Twitch Rivals, an esports tournament host.

In some cases, the company reportedly attempted to pull out of the deals entirely. Hiken quoted anonymous former and current workers of Crypto.com who said that the cryptocurrency exchange had begun pondering such moves after the decline in market price that occurred in May.

“The other shoe has dropped for a crypto firm that marketed really big when number was up,” said Hiken. “Now that number is down, the firm is grappling with its own costly decisions.”

As per lawyers representing Angel City, the cryptocurrency exchange allegedly delayed payments and ultimately pulled out of the arrangement, which was first announced in December 2021. In addition, the company is said to have made the decision to go through with preparations to cancel its collaboration with Twitch Rivals, with both parties agreeing to put a stop to the arrangement by the end of 2022.

An ex-employee of Crypto.com has made allegations that the company may have reduced by one-half the quantity of hospitality packages it intended to give as part of its arrangement with FIFA.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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