Chelsea Football Club has closed a sleeve sponsorship deal with BingX, a prominent cryptocurrency exchange. This partnership, estimated by The Standard to be worth more than £10 million, will allow BingX's brand to appear on the club's kit for the remainder of the English Premier League (EPL) season.

Additionally, according to a report by The Athletic, there are plans to have the company's logo appear on the front of Chelsea's training kits in the upcoming 2024-25 EPL season.

Sports Sponsorship in the Crypto Era

As the crypto world continues to gain traction, BingX, founded in 2018 and serving a user base of over 10 million globally, aims to leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term this partnership to expand its brand presence. While BingX has more than 200,000 followers on Twitter, Chelsea boasts over 25 million followers on the social media platform. BingX is listed on crypto data websites CoinMaketCap and CoinGecko.

Chelsea's constant pursuit of partnerships to enhance its commercial revenue stream reflects the competitive nature of EPL football. With BingX on board, the English football club is embracing the world of cryptocurrency.

Currently, Infinite Athlete appears on Chelsea's front-of-shirt for this season. However, it will reportedly transition to adorning the club's training kit sleeves for the subsequent campaign. Notably, Chelsea is yet to finalize its front-of-shirt sponsors for the 2024-25 season.

Last year, the club announced a multi-year collaboration with TMGM, a prominent online trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term and investment services provider. This partnership marked TMGM's first venture into sports sponsorship with a major international football club.

Forging New Partnerships in the FX Space

In the deal, Chelsea chose TMGM as its official regional online forex and trading partner in the Asia Pacific region. The collaboration aims to create engaging activations, fostering brand awareness for TMGM in the forex market while delivering exclusive content and experiences to TMGM's clients and Chelsea fans across the region.

It signifies TMGM's strategic shift towards establishing its presence in the football realm, a departure from its prior sponsorships of sporting events like the Australian Open and the Asean Football Federation Mitsubishi Electric Cup, Finance Magnates reported.

Similarly, Chelsea entered into a sponsorship deal with WhaleFin in 2022. This partnership, valued at £20 million, marked a significant shift in the club's branding strategies, replacing its former sponsor, Hyundai.

Chelsea's move was not isolated; it mirrored the evolving landscape of sports partnerships, with other top-tier clubs like Manchester United and Manchester City venturing into crypto sponsorships. Such collaborations highlight the growing interest in blockchain technologies within the sporting realm.