Crypto.com Inks Sponsorship Deal With UFC
- While details around the sponsorship were scarce, “people familiar with the deal” said it was worth $175 million over 10 years.
- Through the sponsorship, Crypto.com will have its logo seen by UFC’s 625 million global fan base.
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Global mixed martial arts organization Ultimate Fighting Championship (UFC) has signed a sponsorship deal with Hong Kong-based Crypto.com, the exchange said in a blog post on 7 July.
According to the announcement, Crypto.com has now become the “first-ever” UFC Fight Kit partner, enabling the exchange to put its branding on items worn by athletes and training staff during competitions. The deal has also created a new sponsorship category for UFC, with Crypto.com acquiring the rights to call itself “UFC’s first-ever Official Cryptocurrency Platform Partner”. The co-founder and CEO of Crypto.com, Kris Marszalek, said in a statement:
“It’s a historic moment as the fastest growing cryptocurrency platform joins forces with the fastest growing sport to help accelerate the world’s transition to cryptocurrency. This is just the beginning of a long relationship with UFC, and we’re looking forward to what we will build together.”
While details around the sponsorship are scarce, “people familiar with the deal” told CNBC that it’s worth at least $175 million over 10 years. By having its branding on UFC fight kits, Crypto.com will have a “meaningful visibility” in front of the organization’s 625 million global fan base and 150 million social media followers.
This is not the first time the exchange has invested in having its branding appear at sport events. Last week, Crypto.com also announced it has become an inaugural partner of F1’s new “Sprint” format, while back in March it became a sponsor of Aston Martin Cognizant Formula One Team. The exchange’s logo was also present at the final of Italy’s Coppa Italia competition.
- Crypto.com has once again expanded its regulatory achievements with the acquisition of a major payment institution license for digital payment token services in Singapore.
- The license, for which the company received an in-principle approval last June, enables the exchange to provide a greater range of payment services in Singapore.
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- Crypto.com CEO Kris Marszalek addressed customer concerns during a live AMA session today, claiming that the exchange had a strong balance sheet.
- He also clarified that Crypto.com had sent $1 billion in stablecoins to FTX over a the past year to fulfill order liquidity, and that it had only $10 million exposure to FTX when it fell.
- Part of the investment will support the establishment of a new Crypto.com European headquarters in the capital city of Paris.
- Funds will also be alocated to hire new talent in the region, and advance the exchange’s brand presence in Europe through customer engagement and education.