Cryptocurrency trade Crypto.com has reportedly dropped out of a half-billion-dollar sponsorship cope with the Union of European Soccer Associations Champions League.

Based on a Wednesday report from SportBusiness, Crypto.com pulled out of a $495-million settlement with the Union of European Soccer Associations, or UEFA, which was near being signed as a consequence of its authorized group citing regulatory considerations with the trade’s licenses in the UK, France and Italy. Had the deal gone by, Crypto.com’s branding would have been current for the UEFA Champions League for 5 seasons at a price of roughly $100 million per season, ending in 2027.

Uefa narrowly missed out on what was set to be one in all its largest-ever sponsorships for the Champions League earlier this summer time when a cope with the cryptocurrency platform fell by on the final second, SportBusiness understands. https://t.co/nnD5CjmF8Z

— SportBusiness (@SportBusiness) August 31, 2022

The sports activities information outlet reported that Crypto.com had stepped in as a possible sponsor after the Champions League dropped Russian state-owned power agency Gazprom in response to the nation’s invasion of Ukraine. Following Russia’s actions, many components of Europe introduced plans to change into impartial from the nation’s provide of oil and fuel in an effort to chorus from helpin its economic system through the struggle.

Crypto.com had beforehand introduced main sponsorships for sporting venues and groups and has paid tens of millions of {dollars} in promoting prices. The agency had actor Matt Damon seem in its “Fortune Favors the Courageous” TV spot, which launched in October.

In 2021, the trade ​​partnered with System 1 for its Dash collection, having beforehand agreed to sponsor the Aston Martin group within the racing occasion, and inked a 20-year, $700-million deal to rename Los Angeles’ Staples Middle the Crypto.com Area. In 2022, the trade launched a five-year sponsorship cope with the Australia Soccer League for $25 million and have become one of many official sponsors of the FIFA World Cup in Qatar.

Crypto winter freezes sports activities sponsorships for digital asset companies

Amid the latest market downturn, Crypto.com CEO Kris Marszalek introduced in June that the trade could be slicing 260 individuals from its company workforce, or 5% of workers. It’s unclear if the dip in crypto costs may adversely have an effect on the platform’s long-term sponsorship offers.

Cointelegraph reached out to Crypto.com, however didn’t obtain a response on the time of publication.