Cryptocurrency exchange Crypto.com has reportedly dropped out of a half-billion-dollar sponsorship deal with the Union of European Football Associations Champions League.
According to a Wednesday report from SportBusiness, Crypto.com pulled out of a $495-million agreement with the Union of European Football Associations, or UEFA, which was close to being signed due to its legal team citing regulatory concerns with the exchange’s licenses in the United Kingdom, France and Italy. Had the deal gone through, Crypto.com’s branding would have been present for the UEFA Champions League for five seasons at a cost of roughly $100 million per season, ending in 2027.
The sports news outlet reported that Crypto.com had stepped in as a potential sponsor after the Champions League dropped Russian state-owned energy firm Gazprom in response to the country’s invasion of Ukraine. Following Russia’s actions, many parts of Europe announced plans to become independent from the country’s supply of oil and gas in an effort to refrain from helpin its economy during the war.
Crypto.com had previously announced major sponsorships for sporting venues and teams and has paid millions of dollars in advertising costs. The firm had actor Matt Damon appear in its “Fortune Favors the Brave” TV spot, which launched in October.
In 2021, the exchange partnered with Formula 1 for its Sprint series, having previously agreed to sponsor the Aston Martin team in the racing event, and inked a 20-year, $700-million deal to rename Los Angeles’ Staples Center the Crypto.com Arena. In 2022, the exchange launched a five-year sponsorship deal with the Australia Football League for $25 million and became one of the official sponsors of the FIFA World Cup in Qatar.
Amid the recent market downturn, Crypto.com CEO Kris Marszalek announced in June that the exchange would be cutting 260 people from its corporate workforce, or 5% of employees. It’s unclear if the dip in crypto prices could adversely affect the platform’s long-term sponsorship deals.
Cointelegraph reached out to Crypto.com, but did not receive a response at the time of publication.
On Thursday, Dutch blockchain startup Triall announced that it has partnered with American nonprofit medical center Mayo Clinic to optimize clinical trial design and the management of study data. Starting this September, Triall's eClinical platform will support a two-year multi-center pulmonary arterial hypertension clinical trial that includes 10 research sites and more than 500 patients across the United States.
The software will support activities such as data capture, document management, study monitoring and consent. As told by Triall, the purpose of the collaboration is to demonstrate an immutable public ledger audit trail through its blockchain technology to boost the integrity of clinical trials. Investigators, regulators and stakeholders can then review and assess such trial-related data with trust, knowing that no one can modify the records.
In the U.S., the median cost of a clinical trial investigating new drugs or therapies is estimated at $19 million. Approval rates for new chemical entities and biologics typically hover between 10% and 20% from the preclinical phase to finish and can often take years of investigation.
Launched in 2018, Triall has commercialized its first blockchain product, Verial eTMF. It enables researchers to generate verifiable proofs of tauthenticity of the clinical trial documents, such as patient diagnosis data. In addition, the firm is developing APIs through eClinical that enable existing third-party clinical trial software providers to connect to Triall’s blockchain infrastructure. The native TRL token is designed for ecosystem utility, such as paying compensation to clinical trial participants. If successful, Triall plans to further collaborate with the Mayo Clinic in the realm of decentralized medical research.
Lawmakers in California State Assembly passed the Digital Financial Assets Law, also known as AB 2269, on Tuesday, Aug. 30, The bill is now in the hands of the state’s Governor Gavin Newsom, who will either set it into motion or veto it completely.
This bill requires digital asset exchanges and crypto companies to have an operating license given by the state of California's Department of Financial Protection and Innovation. Any operations outside of said license will be prohibited. The bill would come into effect on and after Jan. 1, 2025.
If not followed, perpetrators could receive a civil penalty up to $100,000 for each day of violation.
Assemblyman Timothy Grayson (D-Concord), who sponsored the bill, previously stated he understood the excitement around cryptocurrencies and digital assets.
“I’m impressed by the market’s ability to help consumers feel empowered to make financial investments and participate in a system that has, in many cases, felt closed off to them."
However, Grayson also said the newness brings on risks due to inadequate regulation.
“This bill will provide consumers basic but necessary protections and will promote a healthy cryptocurrency market by making it safer for everyone."
Currently, the law in place in California is the Money Transmission Act, which t prohibits the business of money transmission without a valid license from the Commissioner of Financial Protection and Innovation.
If introduced, the new bill would also authorize the department to conduct probes of a licensee, among other things.
Regulators in California have been actively keeping tabs on the crypto space. In May, Newsom signed an executive order to align the federal and state regulatory frameworks for blockchain.
Lawmakers in the state also told consumers to take “extreme caution” when dealing with interest-bearing crypto-asset accounts.
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