Cristiano Ronaldo signs for Binance: Footballer ‘proud’ of sponsorship deal with controversial crypto firm
Cristiano Ronaldo has signed a sponsorship deal with a controversial cryptocurrency exchange.
The Manchester United and Portugal superstar said he was ‘proud’ to be partnering with Binance, a firm which has been branded a ‘significant risk’ to consumers by the City watchdog.
The announcement comes amid warnings of a ‘crypto winter’ as panic rips through the industry.
Risky shot: Manchester United and Portugal footballer Cristiano Ronaldo said he was ‘proud’ to be partnering with Binance, a firm which has been branded a ‘significant risk’ to consumers
Bitcoin, the world’s largest cryptocurrency, has tumbled more than 70 per cent from its peak last autumn.
Fears are growing 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, will work with Binance to create a collection of non-fungible tokens (NFTs).
These ‘represent’ an asset, such as digital or real-world art, music or information, and can be traded online. Some sell for millions.
One representing a gold-coloured digital cartoon of an ape sold at auction for £2.8million last year. It wasn’t clear, however, what Ronaldo’s NFTs would represent.
Binance is a crypto exchange where owners of various cryptocurrencies use its platform to buy and sell their digital coins.
Earlier this year the Financial Conduct Authority (FCA) ordered Binance to stop any regulated activities in the UK, after blasting the exchange for failing to engage.