Crypto Market Crash Pauses Commercial Deals With Sports Firms

The current downtrend of the crypto market has negatively affected financial institutions, particularly those dealing with digital currencies. Currently, some firms are beginning to feel the heat from a different angle. This involves sponsorship deals between these digital currency companies and sports teams. This is particular to the crypto firms that have already spent hundreds of millions on the matter. The Crypto Winter Takes Hold As of 2021, the news reported that many digital currency firms invested billions of dollars in sponsoring sports. These companies had believed that the same would occur in 2022, only to wake up to the dawning of the downturn in the crypto market. Suggested Reading | Celsius (CEL) Price Scorches To 130% Rally Despite Frozen Network Accounts As the crypto winter takes hold, there have been records of losses for certain digital currency firms. This led them to make some hard decisions, such as trimming costs and staff headcounts. Moreover, companies that ventured into heavy sports deals are seeking ways to sustain their operations. As such, there is a need to cut down costs. According to the reports, the digital currency exchange, FTX, drew back on the issue of offering a jersey patch for the Los Angeles Angel of MLB. This occurred some weeks back, seeing the tanking of the digital currency market. However, from the news, FTX had shelled out $135 million in March 2020 to rename the Miami Heat&#...