Fifa has added Crypto.com as one of the sponsors of this year’s soccer world championship in Qatar, the latest step in the crypto exchange’s aggressive push into the world of elite sports .
Fifa has added Crypto.com as one of the sponsors of this year’s soccer world championship in Qatar, the latest step in the crypto exchange’s aggressive push into the world of elite sports .
“The company will be the exclusive cryptocurrency trading platform sponsor of Qatar 2022,” Fifa said in a statement late Tuesday. The sports body did not disclose financial details of the deal.
The celebrity sponsorship deal comes just months after Singapore-based Crypto.com said it would replace Staples as main sponsor for downtown Los Angeles’ iconic arena . The company signed actor Matt Damon to be the face of the new campaign late last year, as part of a global marketing campaign to attract new users and make the industry a main trend.
Qatar is spending a record amount to host the most watched sporting event in the world, which begins in November. The Gulf nation expects the World Cup to add an additional $20 billion to its economy. equivalent to about 9% of gross domestic product this year as forecast by Citigroup Inc.
However, the tournament has been beset by controversies, from scheduling complications due to Qatar’s summer heat to the treatment of migrant workers. Difficulties can increase as fans come in and are confronted with local rules, such as dress codes that require men and women to cover their bodies from shoulder to knee in many public spaces.
Earlier this week, Dutch coach Louis van Gaal criticized Fifa over the decision to let Qatar host the event. “It’s ridiculous that we’re going to play in one country – what does FIFA say? — to develop football there,” the AP reported Monday, citing comment from Van Gaal.
Fifa’s other sponsors for the World Cup include Adidas AG, Coca-Cola Co and Visa Inc.
Crypto.com, which moved its headquarters to Singapore from Hong Kong last year, is also affiliated with Formula 1, the Ultimate Fighting Championship (UFC) and Italy’s top soccer league. It has contracts with French football clubs Paris Saint-Germain, the Philadelphia 76ers and the Montreal Canadaiens.
