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News

OKX Forges Path To Enduring Sports Sponsorships Amid Difficult Crypto World

September 14, 2023 - Around 2 mins mins to read

Key Points:

  • OKX seeks long-term sports ad partnerships, focusing on their five-year McLaren deal.
  • They invest $25-50 million yearly in advertising, expanding their partnership with Manchester City.
  • Amid crypto sports sponsorship shifts, OKX joins others in maintaining Formula 1 ties, highlighting the value of lasting relationships.
Crypto exchange OKX is setting its sights on long-term partnerships in the world of sports advertising, aiming to make a lasting impression, unlike some other crypto outfits.
OKX Forges Path To Enduring Sports Sponsorships Amid Difficult Crypto World

In an interview with The Block, Haider Rafique, the global chief marketing officer at OKX, expressed his commitment to their five-year partnership with Formula 1 team McLaren, with hopes to extend it to a decade.

OKX, which also counts UEFA Champions League winners Manchester City among its partners, unveiled a new McLaren car design in Singapore ahead of the Grand Prix. The exchange allocates approximately $25-50 million annually for advertising, with a significant portion directed towards McLaren and Manchester City. This year, they even spent an additional $6-7 million with McLaren.

While Formula 1 has been a hotbed for crypto sponsorships, some deals have faltered due to events like the collapse of FTX, which had a sponsorship agreement with Mercedes-AMG Petronas. In recent months, Ferrari and blockchain company Velas parted ways, and Tezos prematurely ended its deal with Red Bull Racing.

Despite these challenges, Kraken joins several other crypto brands that maintain active partnerships with Formula 1 teams, including McLaren’s deals with Tezos and OKX, Alpine’s partnership with Binance, Haas’s agreement with OpenSea, and Red Bull Racing’s reported $150 million deal with Bybit. Crypto.com also holds naming rights to F1’s Miami Grand Prix.

Notably, Manchester City and OKX expanded their partnership, making OKX the club’s Official Sleeve Partner. Their logo will adorn the left sleeve of both the men’s and women’s first team kits, reaffirming their commitment to the world of sports advertising.

The evolving landscape of crypto sponsorships in sports organizations, coupled with the shifting dynamics in the cryptocurrency industry, underscores the importance of forging lasting partnerships that benefit both parties involved.

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.

Binance

Bybit

crypto

Crypto.com

Kraken

Manchester City

Mclaren

OKX

Sponsorship

Tezos

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.