Crypto.com will be a sponsor of the 2022 FIFA World Cup

[slackovic]

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.

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[DooMAD]

Let's hope, their strategy won't backfire some day because it was too costly to spend so much $$ for marketing.

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/

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.

[Bitstar_coin]

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.

[Zlantann]

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.

[Pmalek]

I suppose the exchanges could spend more money on security consultancy and "whitehats" to check what they have in place, though.

+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?

[Xal0lex]

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

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.

[notblox1]

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.

[mich]

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.   

[Little Mouse]

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

As DooMAD points out, they're already existing sponsors for huge sports.

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.

[larry_vw_1955]

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.   

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.

[Darker45]

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.

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.

[Strongkored]

"Reaching the next billion users with the world's best 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 so it is natural crypto.com advertise here and hopefully it can have a good impact on cryptocurrencies.

[coin-investor]

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.

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.

[Taskford]

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.

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.