On March 22, FIFA reported in a statement that it has signed a contract with Singapore-based cryptocurrency exchange company Crypto.com to sponsor the upcoming 2022 World Cup in Qatar.

Crypto.com would be the official sponsor of FIFA 2022 which would occur in Qatar from November 21 to December 18. Crypto.com would be the special cryptocurrency exchanging platform during the tournament.

FIFA's chief commercial officer, Kay Madati, commented, "Crypto.com has already demonstrated a commitment to supporting top-tier teams and leagues, major events, and iconic venues across the world." He further added, “And there is no platform bigger, or with a greater reach and cultural impact, than FIFA's global platform of football.”

Madati also added, "Through our partnership with FIFA, we will continue to use our platform in innovative ways so that Crypto.com can power the future of world-class sports and fan experiences around the world.”

The organization will profit from major branding exposure both inside and outside the game stadium.

The organization also said Crypto.com will give valuable chances to new and existing clients to go to matches during matches or win elite merchandise as a feature of the partnership.

However, Crypto.com doesn't give any financial subtleties to this partnership.

This arrangement is especially fascinating since in everyday cryptographic forms of cryptocurrencies, incorporating bitcoin is banned in Qatar.

It is significant to remark that this isn't whenever Crypto.com first is collaborating with a games association or a sports team. The joint venture with FIFA is one of Crypto.com's many games sponsorships. Crypto.com has recently got into sponsorship deals with the NBA franchise Philadelphia 76ers, the Ultimate Fighting Championship, and Formula 1.

Joyashree Dey

CBW - External Analyst

INDIA