The Coinone cryptocurrency exchange has canceled its sponsorship of Gangwon FC soccer team in the Korean League, apparently due to a protracted slump in the cryptocurrency trading.
A Coinone spokesman said Tuesday the exchange would no longer sponsor the team, ending its two-year support.
The soccer team still keeps Coineone logos on the uniforms of its players on the ground. The soccer team said until it would find a new sponsor, it would retain the Coinone logo despite the sponsorship termination.
It is still unclear whether Coinone would resume the sponsorship once the cryptocurrency trading gets active.
On April 1, its trading jumped 2.5 times daily average from March.
