Cryptocurrency platform Crypto.com may have dropped out of sponsoring the UEFA Champions League, it appears this happened after the company had its negotiations with the Union of European Football Associations (UEFA) failed.
The reason for canceling the deal was related to regulatory concerns in the UK, France and Italy, with legal issues surrounding the scope of their licenses to trade and operate, SportBusiness said.
Crypto.com was preparing to replace Russian natural gas company Gazprom as a sponsor of the event after the association abandoned the Russian company last March over its ties to the Vladimir Putin regime that attacked Ukraine. Crypto.com intended to strike a deal for 5 seasons at a cost of €100 million ($100,5 million) per season, the report said. publication from the SportBusiness.com sector.
Now, however, as cryptocurrency exchanges are looking for ways to cut their spending on marketing and advertising efforts, ads featuring celebrities such as actor Matt Damon, as well as athletes LeBron James and Tom Brady, have disappeared from US television.
According to data obtained by ISpot.tv shows that last June, cryptocurrency companies spent $3 million on TV ads, and the reported figure for July 2022 of a mere $36.000 illustrates how little the industry is. are willing to spend now.
