After its failed attempt in 2022, Crypto.com has finally secured itself as the official sponsor of the UEFA Champions League, marking a multi-year partnership. This deal is part of Crypto.com ambition to become a household name in sports and entertainment through leveraging on the massive reach of the world's most prestigious club football competition.
The multiyear partnership, which was announced on August 14, will see crypto.com serve as an official global sponsor of the UEFA Champions League from 2024 to 2027.
This exclusive partnership aims to bring a unique experience to its fans by creating memorable moments at the matches, driving fan engagement around football and cryptocurrency. The official global sponsorship will also include in-stadium activations, broadcast integrations and innovative advertising campaigns.
Crypto.com initially backed out of a $495 million sponsorship deal with the UEFA Championship League in 2022 due to regulatory issues in some European countries, including the UK, France and Italy. The exchange was supposed to reinstate crypto exchange as the league's sponsor for five seasons, replacing the Russian major oil company Gazprom as the league's sponsor following the Ukraine invasion. But crypto.com was concerned that the regulatory hurdles would hinder users from trading and using other services on its platform.
It took Crypto.com two years to secure regulatory approval from various European authorities before it finally managed to secure a deal at the second time of asking.
The number of crypto ads has been slowly recovering after a sharp decline back in 2022. The crypto was ignited by the FTX Exchange case, which gained a lot of attention from firms who have previously injected heavily into crypto ads, which ended up becoming fraudulent. With the number of cases increasing, it has resulted in a crypto ads winter where regulators around the world started to crack down on crypto ads.
Two years after the FTX case, Crypto.com is looking to revive this crypto ads culture. Spot Bitcoin ETF issuers also stirred a wave with their ads, with Hasdex, BlackRock, and Grayscale making the headlines this year.
This, of course, won't be the last sports sponsorship that Crypto.com would be proaching for. After making its mark in multiple sports, from basketball, Australian football and Formula 1, the Chief Marketing Officer of Crypto.com has revealed in an interview with Bloomberg that the company will continue to double down on its strategy. This strategy hinges on using sports as a move to drive non-crypto audiences into the industry. This is the reason why the company has thrown in more than $10 million dollars into its sponsorship of Formula one's Florida event, the Miami Grand Prix.
Thus far, the bets of Crypto.com have worked as the company has reportedly grown its user count from 80 million to 100 million in months. Moving forward, the company is bound to continue to expand its sporting and ad budget and investing them heavily in sports sponsorship in exchange of expanding its dominance in its push for global visibility.
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