Manchester City has become the latest big name in sports to ink a deal with a cryptocurrency company. The football club brought in the crypto derivatives exchange, OKX as a sponsor.
As reported by Forbes, the club has signed a multi-year agreement deal with the crypto exchange. Though the financial terms of the deal are unknown, it is anticipated to be in the multimillion-dollar range annually.
Manchester City is the sixth most valuable football club globally with a valuation of $4 billion. In addition, it is the reigning English Premier League champion, which is the top-tier football league in England.
As a sponsor of the club, the cryptocurrency exchange will have promotional slots in both men’s and women’s teams of the club, as well as in its esports operations. The branding of the crypto exchange will be displayed inside of both Manchester City venues, the 55,000-seat Etihad Stadium and the 7,000-person capacity Academy Stadium. The two partners will collaborate further on future projects.
OKX, formerly known as OKEx, is the second-largest crypto derivatives exchange in terms of trading volume and has operations in more than 100 countries. It was established by Star Xu in 2017 and is now based in Seychelles.
Big Pocket Crypto Firms
The crypto sponsorship of Manchester City came only a month after its local rival Manchester United inked a massive deal with blockchain platform Tezos. Though officially not confirmed, the club is receiving more than £20 million for putting the Tezos logo on the club’s trading kit.
But, the crypto deals are not limited to Britain or football. FTX, which is one of the top crypto exchanges, has bought the naming rights of the Miami Heat’s arena for 19 years, paying $135 million, while Crypto.com paid $700 million to replace the Staples Center moniker for the next 20 years.
