Top Crypto Companies cancel sponsorship deals amid Bear Market

Dozens of crypto companies have been forced to pull out of massive partnership deals amid the recent market downturn.

New York Post reveals that cryptocurrency companies are cutting costs by pulling out of sponsorship and marketing deals as the crypto market crashed to its lowest in almost two years.

FTX, one of the largest crypto exchanges, had signed billions of dollars’ worth of deals in the recent past with the NBA, the MLB, and several other sporting leagues only to back out of them in light of the recent crypto crash.

The crypto exchange announced they have since withdrawn from talks to offer a jersey patch to the Major League Baseball’s (MLB) Los Angeles Angels.

The expenditure downturn comes after the crypto exchange had splurged on sponsorship deals in recent months near all-time highs in an attempt to entice sports fans, many of whom were flush with cash in a tight job market following hefty government assistance from the pandemic.

FTX had paid $135 million to rename the Miami Heat’s home stadium after itself in March 2021.

The top crypto exchange also paid an unknown amount to become the MLB’s “official cryptocurrency exchange.”