The Australian Football League (AFL) has decided to stick by Crypto.com, its official cryptocurrency partner, as the league feels confident that the current downturn in the market will not impact it.
These fears have been brought a new because of the collapse of FTX, which filed for bankruptcy and whose boss, Sam Bankman-Fried, was found out to have been playing fast-and-loose with consumer funds.
FTX’s collapse has sent markets into panic, with consumers dropping crypto and moving their funds out of the beleaguered exchange.
The exodus has helped Crypto.com prop up some of its own ailing results and falling transaction volumes, though.
However, the value of key cryptocurrencies has already collapsed further, with Bitcoin trading at below $16,600 from $20,000 on the news that FTX is falling apart.
Meanwhile, F1, Miami Heat and the International Cricket Council all decided to pull out of their partnerships with FTX, as they did not want to be associated with the company any longer.
The AFL feels confident that the five-year deal with Crypto.com is not going to affect it negatively nor that the Singapore-based company will face a similar fate to FTX.
As a result, the company remains the official cryptocurrency exchange and cryptocurrency trading platform both the AFL and the AFLW.
Meanwhile, Crypto.com boss Kris Marszalek held an AMA on YouTube on Monday and told the community that Crypto.com had a robust and regulated framework that allowed it to withstand any shocks and avoid similar fates.
Marszalek reminded users that his company is regulated in Europe, the UK, Singapore, Australia, and Canada.
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