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Crypto.com official sponsor FIFA-2022 world cup. There is cause for concern...



The 2022 FIFA World Cup in Qatar is hosting Crypto.com's exchange and Algorand's blockchain (ALGO) this year.

The news is creating a lot of buzz as in all likelihood these sponsors are expected to bring in countless users from all over the world. Attention falls especially on Crypto.com, the latter being in fact the official sponsor of the entire event. The logo of the cryptocurrency exchange will thus be constantly offered to the audience of the various events. Can this be good for the crypto industry?


To the untrained eye it might seem so but to a DeFi veteran not at all: crypto.com is in fact a centralized exchange, a tool far from what objectively represents a form of decentralization. Moreover, it has been the subject of bad rumors in the recent couple of weeks : investors probably should be made more aware of the risk arising from investing in these platforms instead of being media bombarded by such hype (the FTX case is a clear example).


Moreover, an astute observer should ask: where do these companies get the capital to sponsor their businesses so much? Do they have such a large business that they can afford such an expense?

This is why our analysts show concern at such news rather than being happy about it.


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