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Bitcoin and the Cryptocurrencies have been seen illegally in Qatar since the country's central bank announced a ban in 2018, and it was confirmed in January 2020 by the Qatar Financial Center Regulatory Authority. Last Wednesday FIFA, an international governing body for many of the major soccer tournaments, announced that Crypto.com will be an official sponsor of its upcoming World Cup in Qatar. This same one will appear both inside and outside the stadiums for the 2022 FIFA World Cup scheduled to start in November.

Words spoken by FIFA Commercial Director Kay Madati, the deal will help grow gaming "on a global scale", citing Crypto.com's partnerships with other entities around the world. Highlighting that the cryptocurrency exchange will offer opportunities for its users to attend matches and win official merchandise as part of the sponsorship.

What do you think of this announcement made by FIFA?
https://i.imgur.com/m0MXqYe.jpg

Source: https://cointelegraph.com/news/crypto-com-becomes-official-sponsor-of-2022-fifa-world-cup-in-qatar

They're already a prominent advertiser in other sports.  I see their banners all over Formula One circuits and I think they might be on one or two of the cars as well.  F1 isn't exactly a small sport in terms of global viewership, so it's not surprising news that they're moving on to a slightly bigger event.

Already crypto.com have begun to sponsor different sports events. Being one among the official sponsor of FIFA will give more visibility. Nowadays it is quite common to see more and more advertisement associated with cryptocurrency firms. The legality is not at all an issue, because it is the association to decide rather than the Qatar government. We can see more giveaway from crypto.com conducting small contests during the matches which is a common practice done by the sponsors.

Looks like Crypto.com has really tons of money for marketing.  :D
Their biggest deal, re-naming Staples Center in Los Angeles to Crypto.com Arena, was 700M USD for 20 years.

I almost don't know any popular sport where Crypto.com isn't involved...

Let's hope, their strategy won't backfire some day because it was too costly to spend so much $$ for marketing.
But for now, it's a big advertisement for Crypto.  :)

I am really curious why these huge exchanges are really into these sports sponsorships as I recall before FTX Exchange was also involved with partnerships/sponsorships that are related to sports and they have also renamed an arena.
I believe it is good marketing that is somehow near with cryptocurrency it's like most of their target are still not in crypto or no idea at all about crypto, I am curious if it is effective.

If we look on their partnership, they are partnered with: F1, UFC, soccer, football, Dota 2, ice hookey, and basketball. Some popular sport they didn't involved is boxing, MotoGP, cricket and tennis.

I think their strategy will work, I've remember crypto.com once had big advertisements in any crypto related services e.g. coinmarketcap, cointelegraph, and many more. Now, their exchange is on top 10 with good volume trading, they've beat coinbase in terms of volume. Personally I don't use crypto.com because during the registration process you need to provide KYC, if you not complete it you can't use their exchange. Though, this mean they're honest by asking KYC in the beginning, not when someone want to withdraw.

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https://crypto.com/partners
https://coinmarketcap.com/rankings/exchanges/

Not only do they have tons of cash to throw into sponsoring sporting events but they can also pay interest on your crypto. Only thing is, to earn that interest you have to give them your crypto so technically it's not your crypto anymore. Because you are no longer in control.

This is generally good not just for Crypto.com but for cryptocurrency in general and even Bitcoin.

But this is not something surprising anymore. Crypto.com has always been aggressive in its marketing and ad promotions. You can see the brand everywhere, from the huge Staples Center, which is now named Crypto.com Arena, down to small taxis in different continents, from Europe to Southeast Asia.

They're also very interested in promoting their brand through sports events and leagues. Before getting into FIFA, they're already in Football, UFC, and F1.

I always see them on some major sports out there but mostly in the NBA, this is likely because they want to establish first their credibility and once it is firmed, they will gonna released some more updates and developments to further improve their company to dominate or be one of the top company in the crypto industry. the competition is tight in the market nowadays but if they continue to sponsor some events like this, they will improve their rating and get ahead in front of the others.

Exactly. This is maybe there main goal since they are tanking the US market right now for crypto visa cards. So the more cryptocurrency will be famous in general, The more they will benefit on it since many user will be interested to acquire crypto and thethere Visa card is the most convenient way to buy/sell crypto as well as using it through online payment. Crypto.com and there Chronos token will surely gonna earn a lot of benefits for mass crypto adaption since they are the one pushing this far.

Despite with many kind of cryptocurrency and market exchange promoting on football they not care about how legal or not of bitcoin and altcoin but spending with how much money pay for advertising, before Crypto.com will be a sponsor of the 2022 FIFA World Cup Qatar I think Binance exchange have been early become official sponsor for Lazio as Serie A Italy football team but still not allowed as bitcoin and altcoin become legal currency, but have positive side with world cup event have many attention around the world with thousand eye focus on world cup as bigger competition on the world.

I guess it's for exposure. A football match (or soccer for the Americans  ;D) is watched by millions of people all over the world, it's way better than a tv commercial which is usually seen only by those people watching tv at a certain time, during a certain program, in a certain country. You advertise during an English Premier League match and your advertisement will be seen in 5 continents at the same time.

They have strike the deal with Fifa this time and this is not big surprise as already we have seen some major players like FTX partnership and sponsorship deals with big bowl event and running ads.Similar is the marketing strategy for crypto.com also but this time they are in benefits of qatar footbal world cup deal.

At what amount this deal is closed? Just want to know how much they have spend in order to win that sponsor deal of the FIFA which will be witnessed by billions of users around the globe.

This is a very awesome news, there are more diehard fans of sports, specially football, that tops fan base lists of other things as well by a huge margin, to have such a big event sponsored by an official crypto company will provide huge nitro boost in the vision of Bitcoin and its adaptation pretty surely!

They call it staking in thier platform. It's actaully profitable for those who have invested in it while it was cheaper. We who recognized the not your key, not your coins phrase are always going to doubt about it of course.  If the investors are not in control of the coins, it's definitely not the right path. They could have just given an option where users can stake on the personal wallet like the Metamask.

Crypto.com had been sponsoring many sports events already, they started with UFC and they now have thier own arena. Now FIFA, why don't they just buy Chelsea.

Will it help grow the games? Really, the great beneficiary here is crypto.com by associating itself with the most important event on the planet, measured in audience, in any case with that name, the crypto niche is the most benefited

There must be a lot of money involved after having been in some controversy with the Matt Daemon commercial and his phrase "Fortune Favors the Brave".

What is the nature of the ban? Are people of Qatar still using bitcoin (or cryptocurrencies)? I think is that bank only ban it, that does not mean people are not still using it so far it is not the government that ban it. Are crypto exchanges still providing crypto services for people of Qatar?

It is an exciting news, this will help crypto adoption in the world, many people are watching world cup, even world cup has the highest tournament in sport with highest viewers. With this, many people would want to know about cryptocurrencies.

Football is the most-watched sport globally. As DooMAD points out, they're already existing sponsors for huge sports. Every major league now has plenty of crypto sponsors -- some even displacing traditional financial players on shirts (the most visible and often the most expensive form of sponsorship).

Can't beat them, join them.

Besides, crypto isn't illegal in Qatar. Only banks and financial institutions can't trade them. You're free to use wallets and do P2P txs -- the way Bitcoin's supposed to be anyway.

That's a good point in my opinion. I think the sponsors will be free to get the world's attention for their advertisements during the big event in Qatar ^{[world cup].}

I might think that in the long term crypto advertisements sponsored by various platforms today have supported the development of bitcoin especially with regard to increasing users ^{[traders, investors].} It could be that crypto.com isn't getting a decent return on the big investment sponsoring sports because people will have a better reputed exchange as they please. But they have made bitcoin and crypto more recognizable in the world of sports and that is a great passion for the other cause of crypto.com.

They should have spent some more on securing their customer's accounts. A few months ago, several hundred users lost a total of $35 million after some hackers bypassed the 2FA system.
https://www.forbes.com/sites/thomasbrewster/2022/01/20/cryptocom-admits-35-million-hack/

That's the same thing that happens on other centralized platforms where you deposit your coins, be it exchanges or casinos. Plus with staking, you have to wait for your locked-up coins to be released so you can withdraw them. Unless of course, there is an option to cancel the contract at anytime. A double negative.

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Crypto.com already has several sponsorships with various leagues around the world. I see them all the time in the Serie A and the Polish Ekstraklasa. They apply on the stadium screens and the graphics when displaying stats, lineups, etc. But this is certainly their biggest deal when it comes to football sponsorships. 

I saw the news today and it really is a great thing that they will be a sponsor of the FIFA World cup. However, as many of you wrote before me, Crypto.com is already heavy invested into sport. I know that FIFA World cup is probably one of the most watched competition in the world, but is it worth it? Probably every sport fan knows about crypto.com until now because of all other marketing campaigns.

I'm probably a bit off-topic here, but I'm starting to wonder if larger monetary investments would prevent hacks.  It's probably fair to assume exchanges don't share proprietary code with their competitors, so until they actually have a breach, they likely won't know where the weaknesses are in their platform.  It's not like an open-source project where everyone finds out about a problem at the same time.  So hackers can, in theory, target multiple exchanges with similar exploits.  I suppose the exchanges could spend more money on security consultancy and "whitehats" to check what they have in place, though.

The question is - what will be the reaction of the Government of Qatar after the ban of crypto in the country, are they willing to go back on their words now that FIFA is involved to call off the ban or they will refuse to the sponsorship? Maybe this is just for the duration of the world Cup.

What was the reason for banning in the first place! Some government will just ban crypto without having full knowledge of its potentials. I hope through this sponsorship they can see the good part of crypto, the benefits it can bring to a countries economy.

The world cup is a very big event that attracts a large chunk of the world's population. This sponsorship deal is indeed a big opportunity for the crpto industry. It would make cryptocurrencies to access new markets and new users. The acceptability rate of cryptocurrencies would increase and it would improve the level of confidence and trust people have on the sector. FIFA is a key player in world economy, this advert can attract more investors to the crypto market. About 3.52 Billion people watched the last World cup, I have no doubt that more people would watch the 2022 edition, this means that crpto.com's advert is one of the biggest advert in the crypto industry.

+1.
I have wondered about that myself many times. Why don't the most popular exchanges have rewarding bounties for whitehat hackers who could try to penetrate their defenses and instead of stealing and having to hide, they reveal their findings and get paid for it? For a platform like Binance or Crypto.com (who obviously have deep pockets), wouldn't it make more sense to pay one good hacker $1 million instead of having to compensate dozens of customers with tens of millions of dollars? Even Bitcointalk has a bug bounty, because it makes sense to have one. 

So I took a quick look and found this:
https://www.binance.com/en/support/announcement/360036542051

Binance had such a campaign back in 2019. However, the rewards were really low. $200-$10.000 with the biggest possible payout being $100.000.
https://bugcrowd.com/binance

At the end of last year, Crypto.com had a similar bounty campaign.
https://hackerone.com/crypto?type=team

Again, pretty bad rewards with amounts going from $200-$80.000 max.

I mean sure, that's good money for doing honest work. But I am sure it would make some hackers think: Should I be honest and be rewarded with $20.000 or be dishonest and steal $5 million?

Another cryptocurrency exchange started to cooperate with big sports, the trend continues. Last year there were FTX, Binance, BitMEX, ByBit, etc. When watching soccer matches I began to often come across the names of exchanges. Nothing bad to say about Crypto.com, going in the right direction apart from their recent hack. I think the World Cup will seriously increase their user base.

I don't know how they are doing it but crypto.com is taking over all sports with their sponsorship, first it was MMA and UFC, than Formula One I think and now they are sponsor of the 2022 FIFA World Cup.
Maybe it's a gamble for them and they are investing more than can can afford, or they are hoping Bitcoin will be much more popular soon.
I think more people will hear about cryptocurrencies with them but I don't know if this is the right way to teach people about bitcoin.

I think it's great that Crypto.com is sponsoring the World Cup. Truth be told, this news really shocked me because it came as a complete surprise.
As far as I'm aware Qatar, who is hosting the games has a ban on crypto and has made it illegal. All in all, I think it's great that all the people at the games and those watching it around the world will be made more aware of crypto currencies.
The power of advertising and marketing is enormous and I'm sure many new people will start researching crypto and blockchain's potential.   

That's great indeed. I watched the news earlier on one of the local crypto news site. However, this is nothing new.

FTX has sponsored the ICC world cup (2nd most watched, possibly 1 lol). They are officially partnered with ICC. We have seen their logo on every matches. Though Bangladesh banned crypto, there's no alternative or issue with that lol.

maybe maybe not. just because someone sees advertising doesn't mean they will be interested.

i think crypto.com used to run a couple ads on youtube over and over all the time trying to get people to sign up for their "metal card". what they didn't explain in the short ads is you have to pay for them by staking. staking their crap token. ;D

There's no necessary conflict. FIFA has its own governing body. Qatar cannot dictate in any way FIFA's decision-making processes. Qatar cannot disapprove companies that have inked sponsorship deals with FIFA. After all, Crypto.com's brand will only be promoted through FIFA World Cup. It doesn't mean it will operate in Qatar. In the same manner that there will probably be gambling companies and casinos that will be sponsors of teams participating in the World Cup. As we all know, gambling is prohibited in the Islamic country. But that doesn't mean Qatar will not allow teams that are promoting gambling.

"Reaching the next billion users with the world's best partners." (https://crypto.com/partners) This is their tag line so it will make them vociferous to advertise at many events, especially sporting events become events with a very large audience from all over the world.
FIFA said there are about 3.5 billion people watching the 2018 World Cup (https://cointelegraph.com/news/crypto-com-becomes-official-sponsor-of-2022-fifa-world-cup-in-qatar) so it is natural crypto.com advertise here and hopefully it can have a good impact on cryptocurrencies.

It's more on recall, they want new territories, no need to target people within the scope of Cryptocurrency, marketing, and advertising are all about the recall you know when we want burgers we think of Mcdonald's it's some sort of subconscious association, and Crypto.com are doing that, so even if these people are not yet interested in Cryptocurrency when they get in, they can easily recall Crypto when it stumbles it again because they have seen the logo and the name, it's effective and giant and multinational companies will always advertise for recall, I don't have a car but when the time comes that I will be buying a car, some car names will pop up because they are marketed everywhere in our country.

A good action made since they are stepping out on their comfort zones and now they are targeting the bigger audiences outside and inside the crypto industry. For sure what they did will take crypto into huge since imagine the word itself will make other people to think that maybe they should try to use it as they see their ads on the world cup. Also we also consider that the government is now open with cryptocurrency as they allow them to advertise their business in a huge league like Fifa world cup.