Cristiano Ronaldo signs for Binance: footballer ‘proud’ of sponsorship deal with controversial crypto company
Cristiano Ronaldo has signed a sponsorship deal with a controversial cryptocurrency exchange.
The Manchester United and Portugal superstar said he was “proud” to be working with Binance, a company labeled a “significant risk” to consumers by City Watchdog.
The announcement comes amid warnings of a ‘crypto winter’ as panic rips through the industry.
Risky shot: Manchester United and Portuguese footballer Cristiano Ronaldo said he was ‘proud’ to partner with Binance, a company labeled a ‘significant risk’ to consumers
Bitcoin, the world’s largest cryptocurrency, is down more than 70 percent from its all-time high last fall.
There is growing fear that the so-called digital currency could become completely worthless, as the cost of electronically producing or “mining” a bitcoin through complex computer algorithms becomes more expensive than the end result.
Ronaldo, 37, is teaming up with Binance to create a collection of non-fungible tokens (NFTs).
These ‘represent’ an asset, such as digital or real art, music or information, and can be traded online. Some sell for millions.
One depicting a gold-colored digital cartoon of a monkey was auctioned off last year for £2.8 million. However, it was not clear what Ronaldo’s NFTs would represent.
Binance is a crypto exchange where owners of various cryptocurrencies use the platform to buy and sell their digital coins.
Earlier this year, the Financial Conduct Authority (FCA) ordered Binance to shut down all regulated activity in the UK after criticizing the exchange for not getting involved.