Crypto.com has failed to negotiate a sponsorship deal for Europe's Champions League

Major cryptocurrency platform Crypto.com reportedly lost ground after talks with the UEFA/ Union of European Football Associations fell through at the last minute. It pulled out of what could be one of the biggest Champions League sponsorship deals ever.

The cryptocurrency platform is preparing to replace Gazprom as the event's sponsor after the football association dropped the Russian company's sponsorship deal in March over its close ties to the Putin regime that attacked Ukraine. The New Deal will cover five seasons at a cost of 100 million euros ($100.5 million) each, for a total of 500 million euros, according to industry publication SportBusiness.com.

Crypto.com is already involved in sponsoring major sporting events and is one of the sponsors of this year's FIFA World Cup in Qatar, which starts on November 20.

Last year, the exchange launched a global advertising campaign aimed at raising the company's global profile, featuring Hollywood's biggest stars such as Matt Damom. The campaign is estimated to be worth about $100 million.

Additionally, in November 2021, the company signed a deal with sports and live entertainment group AEG to secure naming rights for The Staples Center in Los Angeles, which is known for hosting high-profile sporting events and performances, Including home games for NBA teams the Los Angeles Lakers and the Los Angeles Clippers.

Now, however, ads featuring celebrities like actor Matt Damon and athletes LeBron James and Tom Brady have reportedly disappeared from U.S. television as cryptocurrency exchanges look for ways to cut marketing and advertising spending.

Data obtained by TV AD measurement firm ISPOT.TV shows that cryptocurrency businesses spent $3 million on TV ads in June last year, compared with just $36,000 reported in July 2022, indicating that the industry is now reluctant to spend money on TV ads. Notably, the July 2022 figure was the lowest one-month total since January 2021.