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FIFA, an international organization that manages many major soccer tournaments, has announced that cryptocurrency exchange Crypto.com will become the official sponsor of the upcoming World Cup tournament in Qatar.
In a statement on Wednesday, the association said that the Crypto.com's brand will appear both in and out of the stadium for the 2022 FIFA World Cup which is scheduled to start in November 2022. This cryptocurrency exchange will give their users the opportunity to participate in matches and win items as part of the sponsorship.
According to FIFA's director of advertising, Kay Madati, the deal will help matches "reach the globe" thanks to the cooperation of Crypto.com with other organizations around the world. In November 2021, the exchange signed an agreement to rename the Los Angeles sports and entertainment stadium, Staples Center, into the Crypto.com Arena within 20 years. Crypto.com has also partnered with Football Federation Australia on a $25 million deal, signed a $100 million sponsorship deal with Formula 1 and signed a 10-year sponsorship deal worth $175 million with the Ultimate Fighting Championship.
Of course #FIFA wants to develop football in #Qatar – it's an endless stream of revenue right into their pockets, never mind #corruption, human rights abuses, and everything else. https://t.co/OEMXjkxjxC
— Irina Tsukerman (@irinatsukerman_) March 22, 2022
Although cryptocurrency trading including Bitcoin (BTC) has become illegal in Qatar since the country's central bank introduced a ban in 2018 – and reaffirmed in January 2020 by the Qatar Financial Centre Authority – Crypto.com is still able to reach a larger international community thanks to the popularity of football in the world. FIFA reports that more than 3.5 billion people watched the 2018 FIFA World Cup in Russia, with more than 1 billion watching the final between France and Croatia.
The World Cup is less than eight months away, but the event has been marred by allegations of corruption and bribery during its bid for Qatar. In April 2020, the U.S. Department of Justice indicted three individuals involved in "the clearance and bribery and kickback" of FIFA's choice of the host country of the World Cup, including Russia in 2018 and the upcoming tournament in Qatar. In addition, the international NGO Human Rights Watch has alleged abuse and treatment as slaves to workers hired to build facilities for the tournament.
