Crypto

OKX, Man City Sign $70M Deal after Shaking Off Club’s FTX-Related Fears

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OKX has
expanded its deal with Manchester City through a new three-year agreement that makes it the popular
English football club’s Official Sleeve Partner. The new deal is worth $70
million, the Seychelles-based cryptocurrency exchange told CoinDesk today (Friday).

Explore limitless, instant crypto swaps. Choose from 1000+ coins and tokens and exchange with no registration or sign-up. Experience a platform that prioritizes your data privacy and fund security.

OKX
launched its first official global brand partnership with Man City in March
2022. Months later, it became the club’s official training kit partner
for the 2022/2023 season.

The new deal unveiled on
Friday at the Etihad Stadium in England builds
on these previous partnerships. The agreement avails OKX of a bigger opportunity for brand
positioning.

“As part of
the expanded deal, the OKX brand will feature on the left sleeve of both the
men’s and women’s first team playing kits and will retain its position on the
left sleeve of the first team training kits, in addition to appearing across
further digital and physical club assets,” OKX explained in a statement.

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Beyond Man
City, OKX’s portfolio of brand partnerships includes the British motor racing team, McLaren
Formula 1 and F1 Driver, Daniel Ricciardo, Olympian Scotty James, and film
promoter the Tribeca Festival. However, OKX told CoinDesk it passed Man City’s
“litmus test” before the new agreement scaled through.

Sports Sponsorship Nightmare in Crypto Industry

In 2021,
FTX and Crypto.com splashed over $1 billion on sports
sponsorships, with the latter securing the
right to sponsor the
Ultimate Fighting Championship for 10 years through a $175 million deal. However, the collapse of FTX in November 2022 left
several of the bankrupt crypto exchange ’s sports partners and celebrity
endorsers contending with
multiple lawsuits, Finance Magnates reported.

In an interview with CoinDesk on Friday,
OKX disclosed that its sports partners expressed worry about its business in light of the situation at FTX. However, Haider Rafique, the Chief
Marketing Officer of OKX, said the exchange’s proof of
reserves (PoR) convinced the sports collaborators otherwise. He added that partners such as Man City and
McLaren Formula 1 even audited its PoR.

A PoR is an
independent third-party audit to confirm that a digital asset custodian
actually holds the assets it claims to have accumulated in its reserves to
secure customer deposits.

OKX has
expanded its deal with Manchester City through a new three-year agreement that makes it the popular
English football club’s Official Sleeve Partner. The new deal is worth $70
million, the Seychelles-based cryptocurrency exchange told CoinDesk today (Friday).

OKX
launched its first official global brand partnership with Man City in March
2022. Months later, it became the club’s official training kit partner
for the 2022/2023 season.

Explore limitless, instant crypto swaps. Choose from 1000+ coins and tokens and exchange with no registration or sign-up. Experience a platform that prioritizes your data privacy and fund security.

The new deal unveiled on
Friday at the Etihad Stadium in England builds
on these previous partnerships. The agreement avails OKX of a bigger opportunity for brand
positioning.

“As part of
the expanded deal, the OKX brand will feature on the left sleeve of both the
men’s and women’s first team playing kits and will retain its position on the
left sleeve of the first team training kits, in addition to appearing across
further digital and physical club assets,” OKX explained in a statement.

Keep Reading

Beyond Man
City, OKX’s portfolio of brand partnerships includes the British motor racing team, McLaren
Formula 1 and F1 Driver, Daniel Ricciardo, Olympian Scotty James, and film
promoter the Tribeca Festival. However, OKX told CoinDesk it passed Man City’s
“litmus test” before the new agreement scaled through.

Sports Sponsorship Nightmare in Crypto Industry

In 2021,
FTX and Crypto.com splashed over $1 billion on sports
sponsorships, with the latter securing the
right to sponsor the
Ultimate Fighting Championship for 10 years through a $175 million deal. However, the collapse of FTX in November 2022 left
several of the bankrupt crypto exchange ’s sports partners and celebrity
endorsers contending with
multiple lawsuits, Finance Magnates reported.

In an interview with CoinDesk on Friday,
OKX disclosed that its sports partners expressed worry about its business in light of the situation at FTX. However, Haider Rafique, the Chief
Marketing Officer of OKX, said the exchange’s proof of
reserves (PoR) convinced the sports collaborators otherwise. He added that partners such as Man City and
McLaren Formula 1 even audited its PoR.

A PoR is an
independent third-party audit to confirm that a digital asset custodian
actually holds the assets it claims to have accumulated in its reserves to
secure customer deposits.

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