TL;DR Breakdown
- Manchester City has entered into a multi-year partnership deal with crypto exchange platform OKX.
- The deal will facilitate the functioning of Manchester City’s men’s and women’s teams as well as its esports operations.
- Manchester City has shown great interest in promoting blockchain system so far.
Manchester City is getting on the cryptocurrency bandwagon. The defending Premier League champions revealed a multi-year sponsorship agreement with OKX (formerly known as OKEx) on Friday.
The deal will see OKX become the Premier League champions’ official cryptocurrency partner. The move signals a growing trend of football clubs and other sports teams getting involved in the cryptocurrency space.
Man City’s CEO, Ferran Soriano, said that he is “very excited about this partnership” and that he believes that it will help the club to “achieve our goal of being the most successful football club in the world.”
OKX CEO, Jay Hao, said that he is “delighted” to be partnering with Manchester City and that he believes that the deal will help promote cryptocurrency to a wider audience.
OKX becomes a crypto-sport sponsor
The financial terms of the deal were not officially disclosed. However, it is speculated that it’s in a multimillion-dollar range yearly. This marks the latest in a series of crypto endorsements that have flooded into sports as crypto companies continue to push for mainstream adoption whilst promoting brand awareness.
OKX’s partnership with Manchester City, the first for the firm in the sports sector, will cover both men’s and women’s teams and esports operations. Manchester City will be the presenting partner of the new agreement, which will include Manchester City events, the 55,000-seat Etihad Stadium, and the 7,000-individual capacity Academy Stadium. The deal will also see the club’s sportswear and other merchandise sold with the OKX logo.
OKX is the world’s second-largest exchange by derivatives transaction volume, with over $20 trillion in transactions in the previous 24 hours, according to CoinMarketCap.The company has been operational for over three years and offers customers a safe, dependable, and user-friendly platform to buy and sell digital assets.
OKX CEO Jay Hao believes that the partnership will help promote cryptocurrency to a wider audience. The firm is committed to creating a sustainable future for crypto, and its partnership with Manchester City will promote this message to a wider audience.
Manchester City and the crypto industry
Manchester City recently announced its intended deal to build a metaverse stadium. The club has announced its intention to re-create the Etihad Stadium in the virtual world in conjunction with the technology and entertainment firm Sony. The current Premier League champion has reportedly agreed to a three-year deal with Sony on this project, which will be used to create the virtual stadium using Sony’s expertise. The club has also shown an interest in the blockchain industry, having created a Manchester City Esports Team in 2018. The team competes in international tournaments and most recently took part in the Gfinity Elite Series.
Cryptocurrency has been gaining traction in the sports industry for some time now. Moreover, The Football Club of Barcelona (FC Barca) aims to establish its cryptocurrency, NFTs, and the Barça Metaverse this year. The move signals a growing trend of football clubs and other sports teams getting involved in the cryptocurrency space. Manchester City’s CEO, Ferran Soriano, said that he is “very excited about this partnership. Many football clubs are venturing into cryptocurrencies globally, cryptocurrency to a wider audience, and will help to establish a presence for crypto in the sports industry. Manchester City is dedicated to promoting cryptocurrency to a wider audience.
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