Crypto.com’s World Cup Win Is Overshadowed by FTX Industry Chaos
- Former rival FTX signed some of crypto’s bigger sports tie-ups
- FTX’s collapse threatens to depress sports dealmaking
Portugal celebrate after scoring a goal against Switzerland.
Photographer: Ercin Erturk/Getty Images Agency/AnadoluAt Sunday’s World Cup championship final between France and Argentina, Crypto.com will have a highly coveted seat right on the sideline, with the digital-asset exchange’s name plastered on the wall just feet from both teams’ star players. For viewers still smarting from rival FTX’s implosion, the signage may put a damper on their revelry.
Crypto.com’s field position is a highly visible symbol of how aggressively crytocurrency companies once courted mainstream investors by pouring billions into advertising and sports sponsorships as the speculative mania peaked, culminating in a blitz by FTX during last year’s US Super Bowl. But the bubble has now burst, FTX is bankrupt, its former CEO is facing fraud charges — and Crypto.com is standing out as crypto’s remaining major sports patron.