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The cryptocurrency trading platform Crypto.com, based in Singapore, has secured an agreement with FIFA, the global governing body of soccer federations, to be the sole sponsor of the Qatar World Cup.
What has occurred?
During the soccer event, which runs from Nov. 21 to Dec. 18, the cryptocurrency exchange will promote its brand both inside and outside stadiums, according to FIFA.
"There is no bigger platform, or one with more reach and cultural influence than FIFA's global soccer platform," FIFA's chief commercial officer Kay Madati said.
Budweiser, owned by Anheuser Busch Inbev SA (NYSE: BUD), and McDonald's Corp. will be among the event's other sponsors (NYSE: MCD).
Why is it significant?
The actual amount of the agreed payment has not been disclosed at the time of publication of this piece, although CRYPTO.COM is known to have invested extensively in sports-related brands.
The firm broadcast a commercial starring Matt Damon during this year's Super Bowl LVI, dubbed the "Crypto Bowl" by various media due to the enormous number of bitcoin advertisements that aired.
It paid $700 million for the commercial naming rights to the legendary Staples Center in November 2021. The Staples Center was renamed Crypto.com Arena as part of the agreement.
In addition, Crypto.com is an official sponsor of Formula 1 and the Ultimate Fighting Championship.
Price changes
Cronos (CRYPTO: CRO), Crypto.com's native cryptocurrency, had risen 1.48 percent throughout the course of the day as of press time.
