Crypto.com downsizes some sports partnership deals amid market downturn: Report

The crypto exchange reportedly cut the scope of sponsorship agreements inked with sports organizations including the Angel City Football Club, the 2022 FIFA World Cup and Twitch Rivals.

Cryptocurrency exchange Crypto.com has reportedly reduced the scale of many of its sponsorship deals with sports organizations amid staff cuts and the market downturn.

According to an Oct. 6 report, Ad Age tech reporter Asa Hiken said Crypto.com cut the scope of sponsorship agreements inked with major sports organizations including Los Angeles’ Angel City Football Club, the 2022 FIFA World Cup in Qatar and esports tournament host Twitch Rivals — in some cases reportedly attempting to pull out of the deals entirely. Hiken cited unnamed former and current Crypto.com employees, who said the crypto exchange had begun considering such actions following the market downturn in May.

“The other shoe has dropped for a crypto firm that marketed really big when number was up,” said Hiken. “Now that number is down, the firm is grappling with its own costly decisions.”