OKX (formerly OKEx) cryptocurrency exchange is now the official crypto partner of Manchester City FC, the duo have signed a multi-year deal to seal the partnership.
Manchester City announced an agreement with OKX (formerly OKEx) cryptocurrency exchange, which will now serve as the official cryptocurrency exchange partner of the football club, according to Forbes.
Details of the OKX-Manchester City deal
OKX will be permitted to brand Manchester City’s male and female teams, as well as numerous e-sports operations, according to the deal.
Apart from soccer teams, soccer fans will see the OKX brand and advertisement in Etihad Stadium and Academy Stadium, each of which can hold over 60,000 people.
The deal’s financial parameters were not published, although Forbes insiders say it was in the multi-million dollar range. It’s worth noting that Manchester City is the world’s sixth most valuable soccer team, valued at $4 billion.
With additional agreements like this, crypto-related enterprises are aiming for a broader audience in order to attract more private funds, which were the market’s major fuel in 2021.
Crypto exchange and sports
The naming rights to the Miami Heat arena were sold to FTX last year for $135 million over 19 years. The agreement allows the exchange to use its brand instead of the stadium’s name as the name.
The agreement also includes a list of well-known celebrities and athletes who have begun endorsing the exchange. Crypto spending in sports is predicted to reach $5 billion by 2026, according to recent Nielsen statistics.
OKX is one of the largest derivatives trading platforms on the market, and it represents old-school exchanges. Despite coming in the second position on the derivatives market, OKX is constantly finding new ways to grow, as evidenced by the platform’s 700 percent increase in 2021 alone.
