Crypto.com said that it is business as usual with its sports sponsorships, including for the FIFA World Cup in Qatar that starts Sunday, despite chaos in the cryptocurrency industry unleashed by the bankruptcy of rival exchange FTX, writes SBJ's Adam Stern.
Crypto.com has a range of major sponsorships that combined are worth well into the nine figures, including deals with FIFA and F1; naming rights for the Lakers’ arena; title sponsorship of the F1 race in Miami; and team deals with the 76ers and Aston Martin. Crypto.com CMO Steve Kalifowitz told SBJ last night that he was on a plane to the World Cup and wrote in a text message that “it’s business as usual.”
Aston Martin F1 Team Managing Dir Jefferson Slack this morning told SBJ that the team is confident that Crypto.com was not engaging in the same sort of allegedly risky trading that FTX is accused of. Slack: “They have explained to us that they have an exchange platform and are not taking risks like the ones FTX took.”
This comes as FTX's sports tie-ins continue to collapse. Esports team TSM's 10-year, $210 million naming-rights deal with the cryptocurrency exchange is now officially suspended, notes SBJ's Hunter Cooke. Meanwhile, MLB is speaking with its legal counsel to decide how to best proceed regarding its sponsorship with the now bankrupt cryptocurrency firm, sources tell SportTechie's Andrew Cohen.
