Cristiano Ronaldo signs deal with controversial crypto firm Binance
Cristiano Ronaldo has signed a sponsorship deal with a controversial cryptocurrency exchange.
The Manchester United and Portugal superstar said he was “proud” of partnering with Binance, a company that City Watchdog has identified as a “significant risk” to consumers.
The announcement comes amid warnings of a “crypto winter” as panic grips the industry.
Risky shot: Manchester United and Portugal soccer player Cristiano Ronaldo said he was “proud” of partnering with Binance, a company identified as posing “significant risk” to consumers
Bitcoin, the world’s largest cryptocurrency, has fallen more than 70 percent since its peak last fall.
Fears are growing that the so-called digital currency could become entirely 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 physical art, music or information and can be traded online. Some sell for millions.
One is a gold-colored digital cartoon of a monkey that fetched £2.8million at auction last year. However, it was not clear what Ronaldo’s NFTs would represent.
Binance is a crypto exchange where owners of various cryptocurrencies use their platform to buy and sell their digital coins.
Earlier this year, the Financial Conduct Authority (FCA) ordered Binance to halt all regulated activity in the UK after it blew up the exchange for lack of participation.
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https://www.soundhealthandlastingwealth.com/business/cristiano-ronaldo-signs-deal-with-controversial-crypto-firm-binance/ Cristiano Ronaldo signs deal with controversial crypto firm Binance