Crypto Exchange OKX Will Pay More Than $20 Million To Sponsor Manchester City Training Kit!

This Season, OKX Will Pay More Than $20 Million To Sponsor Manchester City Training Kit!

Manchester City’s official training kit partner for the 2022–23 season will be the cryptocurrency exchange OKX, which made the announcement on Sunday that it has expanded its current partnership. A few Manchester City players will also appear in OKX’s crypto education content as part of the agreement.

The increased agreement’s financial details weren’t made public, but a source tells Forbes that the Premier League champions would get more than $20 million this season as a result of it. As part of a multimillion dollar agreement, Manchester City already named OKX as its official cryptocurrency partner in March.

Sports have seen a flood of cryptocurrency funding in recent years as the market has continued to gain popularity. For instance, FTX has partnered with a number of renowned sportmans, such as Tom Brady of the Tampa Bay Buccaneers, Steph Curry of the Golden State Warriors, and Shohei Ohtani of the Los Angeles Angels. According to The Athletic, Manchester United’s crosstown rival signed a $27 million sponsorship contract with the blockchain firm Tezos in February. Crypto.com was named the “exclusive cryptocurrency trading platform sponsor of Qatar 2022” by FIFA in a March announcement. By 2026, sports-related cryptocurrency spending is expected to reach $5 billion, according to a Nielsen report from earlier this year.

Despite the slump in the cryptocurrency market, OKX is moving through with its development plans. In addition to its collaboration with Manchester City, the organization recently revealed to CoinDesk that it intends to increase its employment by 30% with the aim of hiring 5,000 people. In the recent months, similar plans have also been disclosed by Binance and Fidelity Digital Assets.

“OKX’s investments in our partners and our team are market agnostic because our principals and beliefs haven’t changed,” says OKX chief marketing officer Haider Rafique. “We are intentional about selecting partners who reflect this focus, which means we didn’t spend the bull run making sports deals at an unsustainable rate.”

Crypto entrepreneur Star Xu founded OKX in 2017, which has over 20 million members and operates in more than 180 countries worldwide. It is the second-largest cryptocurrency exchange by derivatives and spot trading volume and is based in the Republic of Seychelles. According to OKX, it handled more than 25 billion trades worth more than $21 trillion in 2021.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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