Crypto Sponsorships Banned From Upcoming 2022 Indian Cricket Season

Crypto Sponsorships Banned From Upcoming 2022 Indian Cricket Season

The BCCI doesn’t wish to enable these partnerships to happen, regardless of the International Cricket Council’s current sponsorship offers with exchanges like FTX.

The Board of Control for Cricket in India has banned Indian Premier League Teams from participating in sponsorship offers with crypto exchanges. This will have an effect on the profitable promoting slots that Indian exchanges like CoinSwitch Kuber and CoinDCX use throughout the course of a match. Four franchises acquired curiosity from crypto exchanges to tackle various levels of sponsorship roles for the following season of the cricket showpiece.

The BCCI are cautious because of the lack of regulatory oversight of the trade within the nation and wait on the invoice that can be mentioned within the upcoming winter session of Parliament earlier than approving any negotiations between franchises and alternate representatives.

If the ICC can do it, why can’t we?

The International Cricket Council, which is the game’s world governing physique, just lately allowed CoinSwitch Kuber and CoinDCX to promote throughout the Men’s ICC T20 World Cup in Dubai and Oman, elevating questions from IPL franchises as to why they need to be banned from participating in such partnerships. The BCCI has banned broadcaster Star Sports group and Disney Star community from exhibiting crypto and betting ads.

Crypto exchanges wish to capitalize on Asia’s giant cricket fan base

CoinDCX just lately sponsored the T20 International Cricket Series between India and Sri Lanka in July 2021, marking the primary time {that a} title sponsor of a cricket collection was a crypto firm.

Sam Bankman-Fried’s FTX secured a sponsorship take care of the ICC to be seen for males’s and ladies’s tournaments, the boys’s U19 Cricket World Cup, and the boys’s world cup qualifiers. Bankman-Fried, chief government and founding father of FTX, expressed his sentiments surrounding cricket’s storied historical past merging with crypto’s unexplored territory and mentioned that FTX is happy in regards to the alternative to construct a stable relationship with the ICC within the ensuing years.

CoinDCX is an Indian crypto unicorn that raised $90M in a spherical of funding led by B Capital Group and included Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital. The firm was based in 2018 by Sumit Gupta.

CoinSwitch Kuber is an Indian cryptocurrency alternate based as a cryptocurrency aggregator in 2017 that secured $25M price of backing from Tiger Global in a Series B funding spherical in April 2021. The Series A funding spherical raised $15M from Ribbit Capital and Paradigm.

At the time of writing, CoinDCX and CoinSwitch Kuber had been every price $1B, whereas one other crypto alternate WazirX was price $200M. The Indian Parliamentary Committee on Finance met with representatives roughly two weeks in the past to debate the way forward for crypto within the nation. At the assembly, representatives from CoinSwitch Kuber and WazirX claimed to have a consumer base of roughly $10M every.

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