FTX and other crypto firms are pulling out of major sponsorship deals amid market crash.

June 21, 2022

As the crypto market continues to remain in red, many crypto firms are canceling sponsorship deals to cut costs.

According to the NYPost report, FTX pulled out of talks to provide a jersey patch to the MLB’s Los Angeles Angels team.

FTX had earlier signed a $135 million deal to rename the home of the Miami Heat last year.

Another deal between the NBA’s Washington Wizards and a crypto company failed to go through because of the recent market collapse.

The deal Washington Wizards was considered important in particular as politicians that oversee the space come to see the matches.

FTX had also paid an undisclosed amount to become the MLB’s “official crypto exchange.

Crypto firms including Coinbase and Gemini are laying off employees to cope up with the ongoing market crash.