Italian football club Internazionale Milano (also known as Inter Milan) has terminated a partnership agreement with a blockchain firm DigitalBits, which reportedly failed to pay over €24 million (~$25.6 million) as part of its financial commitments.
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Italian sport journalist, Alfredo Pedulla, wrote in a blog post, citing Inter Milan's financial filings, that the blockchain firm also did not pay promised bonuses up to €1.25 million (~$1.33 million) for the results of the 2022/23 season.
Although the football club admitted the firm might have failed to meet its obligations due to the bear crypto market, Inter Milan removed the DigitalBits logo from its official website and the billboards during matches.
The Italian football club signed a €85 million (~$100 million at that moment) multi-year product partnership agreement with DigitalBits and Zytara Labs in September 2021. Under the agreement, Inter Milan had to use the DigitalBits blockchain with a view to integrating and accepting XDB token for payments both in stadium and in Inter online stores and physical retail locations across Milan. After the news broke, XDB plunged by over 6% down to $0.0021, according to data from CoinGecko.
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