FIFA signs sponsorship deal with Crypto.com for Qatar World Cup

FIFA has agreed a sponsorship deal with Crypto.com for the 2022 Qatar World Cup, soccer's world governing body said in a statement on Tuesday.

The Singapore-based company will be the exclusive cryptocurrency trading platform for the showpiece event in Qatar, which runs from Nov. 21 to Dec. 18.

"Crypto.com has already demonstrated a commitment to supporting top-tier teams and leagues, major events and iconic venues across the world," said Kay Madati, FIFA's chief commercial officer.

"And there is no platform bigger, or with a greater reach and cultural impact, than FIFA's global platform of football."

The partnership with FIFA is the latest big investment in sport for Crypto.com, who inked sponsorship deals with the NBA team Philadelphia 76ers, the Ultimate Fighting Championship and Formula 1 last year.

The company, founded in 2016, also acquired naming rights to the Staples Centre, home of the NBA franchise Los Angeles Lakers, in a 20-year deal reportedly worth more than $700 million.

"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," added Crypto.com co-founder and CEO Kris Marszalek.

(Reporting by Dhruv Munjal in Bengaluru; Editing by Ken ferris)