FIFA, the international body that governs many major soccer tournaments, has announced that cryptocurrency exchange Crypto.com will be an official sponsor of its upcoming World Cup in Qatar.
In an announcement on Wednesday, the association said that the Crypto.com brand will appear both inside and outside the stadiums for the FIFA World Cup Qatar 2022, which is scheduled to kick off in November. The cryptocurrency exchange will offer its users the opportunity to attend matches and win official items as part of the sponsorship.
According to FIFA Chief Commercial Officer Kay Madati, the deal will help grow gaming “on a global scale,” citing Crypto.com’s partnerships with other entities around the world. In November, the exchange signed an agreement to change the name of the Staples Center in Los Angeles to the Crypto.com Arena for the next 20 years. Crypto.com has also partnered with the Australian Football League on a $25 million deal, signed a $100 million sponsorship deal with Formula 1, and closed a $175 million 10-year sponsorship deal. with the Ultimate Fighting Championship.
Although trading cryptocurrencies, including Bitcoin (BTC), has been largely illegal in Qatar since the country’s central bank announced a ban in 2018—and reaffirmed in January 2020 by the Qatar Financial Center Regulatory Authority— Crypto.com is likely to reach a more international audience given the popularity of football around the world. FIFA reported that more than 3.5 billion people watched the 2018 FIFA World Cup in Russia, with more than a billion watching the final between France and Croatia.
With eight months to go until the World Cup begins, the event has been overshadowed by allegations of corruption and bribery dating back to the bidding process for Qatar 2022. In April 2020, the United States Department of Justice indicted three people related to “the payment and receipt of bribes and kickbacks” for the selection of countries by FIFA to host the World Cup, including in Russia in 2018 and the next tournament in Qatar. In addition, the international non-governmental organization Human Rights Watch has denounced abuses and conditions of slavery of the workers hired to build the infrastructure of the event.
of course #FIFA wants to develop football in #Qatar – it’s an endless stream of revenue right into their pockets, never mind #corruption, human rights abuses, and everything else. https://t.co/OEMXjkxjxC
– Irina Tsukerman (@irinatsukerman_) March 22, 2022
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