72
According to persons familiar with the subject, Fifa has agreed to a World Cup sponsorship agreement with Crypto.com, providing the fast-growing cryptocurrency platform marketing rights to international football's premier tournament.
The agreement, which is scheduled to be revealed on Wednesday, highlights the expanding linkages between the world's most visible sports and the developing world of digital assets such as cryptocurrency.
Fifa's existing sponsorships, which total hundreds of millions of euros over several World Cup cycles, include sportswear manufacturer Adidas, US beverage firm Coca-Cola, and US payments corporation Visa.
The duration and monetary worth of the collaboration with Singapore-based The location of CRYPTO.COM could not be found immediately.
Because of the summer heat in Qatar, this year's World Cup will begin in November rather than its typical time slot of June and July.
This will be the first World Cup to be held in the Middle East. Fifa, the international football governing body, and Qatari officials have come under fire for the treatment of migrant workers on building sites for stadiums that will stage matches during the tournament.
Professional sports leagues and teams, which have incurred significant losses as a result of the coronavirus outbreak, are pursuing lucrative sponsorship deals with cryptocurrency organisations in order to recoup and rebuild income. Meanwhile, organizations in the embryonic digital assets market are leveraging some of the world's most recognizable brands to raise their image and recruit consumers.
With a series of transactions ranging from the naming rights to Los Angeles' famed Staples Center arena to the Formula One motor racing series and the Ultimate Fighting Championship martial arts tournament, Crypto.com has poured money into sports sponsorship.
According to sources familiar with the arrangement, Crypto.com agreed to pay more than $700 million over the next two decades for the title rights to the Los Angeles arena.
Last month, the trading platform joined competitors COINBASE and FTX in airing big advertisements during the Super Bowl.
Crypto.com's football collaborations include the French team Paris Saint-Germain and the South American Football Confederation, or Conmebol.
The last World Tournament in Russia generated $6bn in revenue.
