(Bloomberg) — Fifa has added Crypto.com as one of the sponsors for this year’s soccer world cup in Qatar, the latest step in the cryptocurrency exchange’s aggressive push into the world of elite sport.
“The company will be the exclusive cryptocurrency trading platform sponsor of Qatar 2022,” Fifa said in a statement late on Tuesday. The sporting body didn’t reveal financial details of the deal.
The high-profile sponsorship agreement comes just months after Singapore-based Crypto.com said it would replace Staples as the title sponsor of downtown Los Angeles’s iconic arena. The firm signed actor Matt Damon to be the face of a new campaign late last year, as part of a global marketing push to lure new users and bring the industry into the mainstream.
Qatar is spending a record amount to stage the world’s most-watched sports event, which starts in November. The Gulf nation expects the World Cup to add $20 billion to the economy, equivalent to about 9% of its gross domestic product this year as forecast by Citigroup Inc.
Read More: Why Qatar Is a Controversial Venue for 2022 World Cup: QuickTake
However, the tournament has been beset with controversies, ranging from scheduling complications due to Qatar’s summer heat to the treatment of migrant workers. Difficulties could mount once fans arrive and face local norms, such as dress codes requiring men and women cover their bodies from shoulders to knees in many public spaces.
Earlier this week, Netherlands coach Louis van Gaal slammed Fifa over its decision to let Qatar host the event. “It’s ridiculous that we’re going to play in a country to — what does FIFA say? —- to develop football there,” AP reported on Monday, citing comments from Van Gaal.
Fifa’s other sponsors for the World Cup include Adidas AG, Coca-Cola Co and Visa Inc.
Crypto.com, which moved its headquarters to Singapore from Hong Kong last year, is also linked with Formula 1, the Ultimate Fighting Championship and Italy’s top soccer league. It has deals with French soccer club Paris Saint-Germain, the Philadelphia 76ers and the Montreal Canadiens.
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