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Crypto currency payment looms for NFF as FIFA signs sponsorship deal with Crypto.com

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Some hectic financial period may be ahead for the Nigeria Football Federation (NFF) who may be paid crypto-sourced fund if the Super Eagles qualify for the Qatar 2022 World Cup.

According to world renowned news agency, Reuters, FIFA has agreed a sponsorship deal with Crypto.com for the 2022 Qatar World Cup.

The information comes from the  soccer’s world governing body’s statement on Tuesday.

As per the Central Bank of Nigeria (CBN) directive on prohibition of dealing in

Cryptocurrency and facilitating payments for Cryptocurrency Exchanges, the money due for payment to the NFF may be endangered except there is a waiver by the government.

World Cup qualification money are constantly on the rise with every edition. For Russia 2018, it was $8 million for teams that crashed out in the group stage. The money is normally paid through financial institutions.

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In Nigeria, as per directives from the Central Bank, commercial banks have informed citizens of the risks associated with Cryptocurrency trading which include and may not be limited to loss of funds and exposure to criminal activities.

As per the information from FIFA, the Singapore-based Crypto.com will be the exclusive cryptocurrency trading platform for the World Cup  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. 

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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.

Kunle Solaja is the author of landmark books on sports and journalism as well as being a multiple award-winning journalist and editor of long standing. He is easily Nigeria’s foremost soccer diarist and Africa's most capped FIFA World Cup journalist, having attended all FIFA World Cup finals from Italia ’90 to Qatar 2022. He was honoured at the Qatar 2022 World Cup by FIFA and AIPS.

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