Crypto exchange Crypto.com has pulled out at the last minute from a €500 million five-year sponsorship deal with the UEFA Champions League, SportBusiness has reported.
According to the publication, the company was to replace Russia’s Gazprom as the tournament’s title sponsor after the European soccer organization terminated its contract with the company following the invasion of Ukraine.
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The agreements with Crypto.com involved the payment of €100 million per season by the platform, compared to Gazprom’s €40 million.
The parties were on the verge of signing the agreement.
Crypto.com’s refusal to become a sponsor is not reportedly related to the crisis the crypto market is experiencing.