Crypto.com pulls out of Uefa Champions League deal - Fast2tech
Crypto.com pulls out of Uefa Champions League deal - Fast2tech
Crypto.com cancels its Uefa Champions League sponsorship
Concerns over tighter cryptocurrency regulation are claimed to have caused the arrangement
worth £428 million over five seasons, to collapse at the "last minute.
After Uefa terminated ties with the Russian energy supplier over the conflict in Ukraine
the cryptocurrency trading site was slated to take over for Gazprom.
The worries are believed to be related to conceivable legal trading limitations.
With more and more football sponsorship deals being completed, digital assets have emerged
from the economic margins and into the mainstream during the last few years.
With trading site WhaleFin, Chelsea and Atletico Madrid also inked contracts
Football history was established by Spanish striker David Barral last year when he
transferred from Real Madrid to DUX International de Madrid and used Bitcoin to pay for it.
Uefa claims that the bitcoin industry has assisted clubs in filling in some of the missing
revenue sources as a result of the pandemic.
However, detractors claim there are worries about the cryptocurrency market's
volatility, specifically that the rapidly falling value of tokens may expose users to debt.