Crypto exchange OKX doubled payment to Manchester City team on Sunday. The company announced that it has reached an agreement to expand its existing partnership and become the club’s official training kit partner for the 2022-23 season. Chosen as a presenter for crypto educational content produced by OKX.
The financial terms have not been disclosed. But sources told Forbes that the extended deal will provide more than $20 million for the long-standing Premier League champions this season. Previously, Manchester City appointed OKX as their partner in crypto. Officially in March It’s part of a multi-million dollar deal, and Forbes estimates the club is worth more than $4.25 billion. which is the 6th most valuable football team in the world
Cryptocurrencies have been flooding the esports scene in recent years. from the crypto industry For example, FTX has registered as a sponsor of several top athletes, including Tampa Bay Buccaneers quarterback Tom Brady, Golden State Warriors goalkeeper Steph Curry and Shohei. Ohtani from the Los Angeles Angels in February. Manchester City’s cross-town rival Manchester United has added blockchain company Tezos as a sponsor in a deal worth $27 million per year, according to Athletic last year. Having signed a partnership with fan token provider Socios.com and trading platform Crypto.com, FIFA announced in March that Crypto.com will be a “sponsor of crypto trading platform. grow up Qatar-only 2022.” A Nielsen report released this year speculated that crypto spending In esports, this will increase to $5 billion by 2026.
But the recent crypto market slump has caused Bitcoin’s value to fall below $20,000 during June. And this raises some doubts about the future of the crypto market. Last month, Coinbase, BlockFi, Crypto.com and Gemini announced layoffs. This resulted in the layoffs of nearly 1,700 jobs. BlockFi, of which Pitchbook is most recently valued at $4.8 billion. It is reportedly finalizing a deal to sell to FTX for $240 million, according to Yahoo Finance, and Coinbase shares are down about 76% from early 2022. The Los Angeles Angels, as reported by the New York Post, the Washington Wizards still have deals with crypto firms. without a name
Joe Favorito, a longtime sports business consultant and teacher from Colombia, said the market was “definitely more sluggish.” He added that We certainly won’t see the company logo removed from the director’s uniform or the name being removed from the stage. But the expenditure should definitely be reduced. Whether it’s big commercials or shows like the NBA Finals.
OKX continues with expansion plans despite recession. In addition to the partnership with Manchester City The company’s director of financial markets recently told CoinDesk it plans to increase its headcount by 30 percent with the goal of hiring 5,000 more employees, with Fidelity Digital Assets and Binance announcing similar intentions during the period. The past few months too.
Haider Rafique, OKX Chief Marketing Officer, said, “OKX’s investment in our partnership has been incredible in the marketplace. because our principles and beliefs have not changed.” Therefore, we intend to choose partners that reflect our commitment. This means that we are not using the bull run as a sporting deal because the results are not sustainable.”
Founded in 2017 by cryptocurrency tycoon Star Xu, OKX operates in more than 180 markets worldwide and has more than 20 million users based in the Republic of Seychelles. It is a crypto trading board. The second largest by volume derivatives and spot trading, in 2021 OKX has processed more than 25 billion transactions. with a volume of more than 21 trillion dollars
Source: Forbes.com
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