Founded in 2016, Crypto.com has emerged as one of the famous crypto exchanges & promoters of cryptocurrencies & digital assets. It has launched a range of products & services like crypto credit cards, wallets & reward systems to push crypto adoption.
On its way to marketing, Crypto.com inked high-profile marketing deals in the bull run. From roping in ace Hollywood actor “Matt Damon” for its “Fortune favours the Brave” advert. to spending $700 million for rebranding a stadium to Crypto.com Arena, the exchange has burnt a lot of cash to attract users. But everything has come to halt in the bear market.
Crypto.com is cutting ties with many partners to save itself from the crypto winter which seems to last longer than expected especially after FTX bankruptcy. Let’s take a look at the partnerships which the platform has turned down.
Crypto.com partnerships – Dead in the water:
Crypto.com has cut the agreement with major sports organizations including Angel City Football Club & the FIFA 2022 world cup in Qatar. Moreover, it dropped out a deal with the Union of European Football Associations Champions League valuing nearly half a billion.
If you ever saw crypto.com logo on a Formula 1 sports car. Chances are, it may be gone by the next season.
Funding Twitch Rivals:
Crypto.com has announced that it will dissolve its partnership with Twitch rivals which is a live streaming platform for gamers, music broadcasts, esports competitions and more. The plan will be put into action by the end of this year. This may have given you an idea of how desperate the condition of the crypto platforms are at the moment.
The partnerships are virtually dead. Crypto.com has announced downsizing 5% of its staff. However, the report suggested that the exchange has actually laid off 30%-40% of workforce.
EXCLUSIVE: https://t.co/2hIVsn8aQd laid off WAY more people than was previously reported, and has quietly downsized many of the sponsorship deals it made over the last year— Asa Hiken (@asabhiken) October 6, 2022
Story for @adage, plus a sneak peek 🧵 belowhttps://t.co/bdEf0ByUtR
That’s a reality check on Crypto.com partnerships. In the next post, I will talk about Hedera Hashgraph partnerships & Avalanche Partnerships If you’re a fan of blockchain technology then do share this post on your social handles and educate everyone around you. Remember to subscribe to my YouTube channel for more informative content, released every week.
Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.