Major crypto platform Crypto.com reportedly pulled out from what could be one of the largest ever sponsorship deals for the Champions League after its talks with the Union of European Football Associations (UEFA) fell through last minute.

The crypto platform was gearing to replace Russian natural gas company Gazprom as the event’s sponsor after the association dropped the Russian company last March due to its ties to Vladimir Putin’s regime that attacked Ukraine. The new deal was to cover five seasons at a cost of EUR 100m (USD 100.5m) per season, or a total of EUR 500m, industry publication SportBusiness.com reported.

Crypto.com is already involved in sponsoring major sports events, acting as one of the sponsors of this year's FIFA World Cup in Qatar, which will be kicked off on November 20.

Last year, the exchange launched a global advertising campaign aimed to boost the company’s worldwide recognition, featuring big Hollywood names such as Matt Damon. The campaign was estimated to be worth some USD 100m.

Also, in November 2021, the company signed a deal with sports and live entertainment group AEG to secure the naming rights for the Staples Center, the Los Angeles-based arena notable for hosting high-profile sports events and shows, including the home games of NBA teams Los Angeles Lakers and LA Clippers.

Now, however, as crypto exchanges are looking for ways to cut their spending on marketing and advertising efforts, ads featuring celebrities such as actor Matt Damon, as well as athletes LeBron James and Tom Brady, have reportedly disappeared from US television.

Data obtained by TV-ad measurement company ISpot.tv shows that last June, crypto businesses spent USD 3m on TV ads, and the figure reported for July 2022, at a mere USD 36,000, illustrates how little the sector is now willing to spend on television advertising. It is noteworthy that the July 2022 figure was the lowest monthly total since January 2021.