In response to the increasing use of cryptocurrencies, Manchester City announced an agreement with OKX (formerly OKEx) cryptocurrency exchange, which will act as the official cryptocurrency exchange partner of the soccer club, reports Forbes.
As a sponsor of the club, the OKX cryptocurrency exchange will have advertising slots on the club’s men’s and women’s teams, as well as in its esports operation. The crypto exchange will feature its branding within both Manchester City venues, the Etihad Stadium with its 55,000 seats, and the Academy Stadium with its 7,000 seats. They will continue to collaborate on future projects.
According to Forbes sources, the deal is in the multi-million dollar range. However, the financial terms of the agreement were not disclosed. The fact that Manchester City is the sixth most valuable soccer team in the world, valued at $4 billion, should be noted.
Crypto-related projects, such as these, are increasingly aiming for mainstream audiences to attract more of the private funds that propelled the market back in 2021.
FTX acquired the naming rights to the Miami Heat arena for $135 million last year for 19 years. As part of the agreement, the exchange gets the right to use its brand as the name for the stadium instead of the stadium’s name. As part of the deal, top celebrities and players have endorsed the exchange. The Nielsen report states that crypto expenditures in sports will reach $5 billion by 2026.
In terms of trading volume, OKX is the second-largest cryptocurrency derivatives exchange. It has operations in over 100 countries. The company was founded by Star Xu in 2017 and is headquartered in Seychelles. While OKX was second on the derivatives market in 2021, it still found new growth options that allowed the platform to gain 700%.
Only one month earlier, local rival Manchester United announced a massive sponsorship deal with blockchain platform Tezos. Even though it hasn’t been officially confirmed, Tezos is putting a logo on the club’s trading kit that will bring the club more than £20 million.
In addition to being the reigning champion of the English Premier League, Manchester City is also the sixth most valuable football club globally with a valuation of $4 billion.