Crypto.com to sponsor UEFA Champions League as exclusive crypto partner

UEFA has signed an exclusive partnership deal with crypto.com. This marks the first time a cryptocurrency-focused platform has been signed as a sponsor.

The Champions League is a top-tier European soccer competition in which 32 clubs compete to be crowned the best in the region. The event is broadcast to over 500 million viewers worldwide.

Taking crypto to sports

According to the August 14 announcement, the centralised crypto platform has signed a multi-year partnership that would range from 2024 to 2027. The UEFA initially started inviting bids from crypto platforms in March.

The partnership follows an earlier attempt by the exchange to secure a deal with UEFA back in 2022. At the time, the exchange offered £428 million for a five-year deal, which ultimately did not materialise.

In the same year, the firm signed a deal with FIFA to become the official crypto sponsor for the 2022 Qatar World Cup. 

Since its debut, the exchange has ventured into the sports sector to attract non-crypto enthusiasts. In 2021, the exchange announced a multiyear partnership with soccer giants Paris Saint-Germain and vowed to launch exclusive Non-Fungible Tokens in its native NFT marketplace.

Earlier this year, it signed a 10-year $10 million deal with Formula One’s Miami Grand Prix.

Further, the firm has sponsored the Philadelphia 76ers, the Ultimate Fighting Championship, and the Australian Football League. In addition, Crypto.com signed a $700 million, 20-year deal with the Staples Centre stadium, which was renamed as the Crypto.com Arena. The stadium is home to popular NBA teams like the Los Angeles Lakers.

Steven Kalifowitz, Crypto.com’s chief market officer, said the firm has seen its users surpass 100 million because of its efforts to engage with “sports fans around the world.”

Meanwhile, UEFA first entered the decentralised space in partnership with Socios, the firm behind Chiliz, a blockchain-based platform for creating fan tokens. Chiliz has gone on to partner with several notable soccer clubs, including Real Madrid, FC Barcelona, and PSG.

Crypto exchanges and sports

Besides Crypto.com, other centralised exchanges have also forayed into sports to bridge the two sectors.

Crypto exchange OKX partnered with the McLaren Racing Formula 1 team in 2022 and has subsequently launched an NFT collectable series dubbed “Race Rewind.”

Before its collapse, FTX was one of the most aggressive players in sports sponsorships. It secured naming rights for the Miami Heat’s arena, which was renamed FTX Arena and formed a major partnership with Major League Baseball (MLB), where the FTX logo was featured on umpire uniforms.

European crypto exchange WhiteBIT has also been an official partner for FC Barcelona. It has participated in events like the Sports Tomorrow Congress and offers promotions that allow fans to purchase tickets using cryptocurrency.

Juventus, the Italian soccer giant, partnered with crypto exchange Bitget in 2022 as its first-ever sleeve sponsor.

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