It's no news that trading cryptocurrencies has suffered huge backlash all over the world even among first world countries. Countries like Algeria, Bolivia, China have frowned greatly upon cryptocurrency while others like India has imposed a 30% tax on all profits generated. Over the years, Bitcoin and other altcoins have suffered criticism over its volatility, and it's use by criminals in hiding dubious transactions and so have become an outcast in the financial world. But this might soon become a thing of the past as more exchanges and crypto agencies push further into the traditional systems of doing things and a big example is Crypto.com which just became an official 2022 world cup sponsor.
On March 22, FIFA announced Crypto.com as an official sponsor if this year's FIFA World Cup scheduled to take place in November. An opportunity to continue the crypto trend if leveraging to sports to showcase the brand and also generate digital currency awareness. Crypto has managed to climb into many aspects of life including music, art, movies, games, and even porn. During the world cup, Crypto.com is likely to reach a more international audience given how popular the world cup is, as it would be watched by billions of people all over the world. This is not the first attempt Crypto.com has made into reaching into the sports world has it has already shown commitment to supporting popular teams and leagues including their events and venues all over the world.
Crypto.com now joins the league of digital currency exchanges on the international level championing the adoption of cryptocurrency globally like FTX and the others. It is worthy to note that FIFA would also be getting the opportunity of attracting more deals considering Crypto.coms's partnership with other large entities around the world. In November, it secured a 20years naming right deal to the Los Angeles Lakers stadium and entertainment Staples center, calling it “Crypto.com Arena”. It has also partnered with the Australia Football league in an over $20 million deal, signed an agreement with Formula 1 worth $100 million and confirmed a 10-year $175 million sponsorship agreement with the ultimate Fighting Championship.
Even though trading cryptocurrencies has sidelined in most of the world, Crypto.com is likely to convince a larger crowd with this sponsorship to see the crypto world differently. In fact, trading crypto became illegal in Qatar in 2018, when the country's central bank announced and also reaffirmed it in January 2020 by the Qatar Financial Center Regulatory Authority. We hope this adoption will start from the country and spread across different hearts as they enjoy the games.
In the announcement made on Wednesday, FIFA stated that Crypto.com's branding will be displayed both inside and outside the stadium. Providing its users the opportunity to attend matches or win official merchandise as a part of their efforts towards the game. Crypto.com's sponsorship might not only be limited to these activities as report state that it will activate its official sponsorship in many ways during the game.