The integration of Crypto in the Football scene is set to expand after OKX extends its partnership deal with Manchester City Football Club. Starting next season, the training kit for the football club in both the men’s and women’s categories will bear the OKX brand name.
Terms of the deal are scanty, with unconfirmed reports revealing that the deal is worth 20 million pounds. Although both sides have confirmed that the deal is signed and agreed upon, it is unknown whether either of the partners will release a press release detailing the deal.
Details About the Deal
OKX has been offering Crypto exchange support to the Manchester City Football Club and sponsoring City’s trophy tour. According to Roel de Vries, City’s CEO, the partnership will enable the club to revolutionize the fan experience. Not only will the club allow Crypto payments for tickets and merchandise sales, but it will be able to have the capital to improve the game experience.
De Vries further adds that the deal is likely to lead to further innovation as OKX offers other services that the company can adopt. The next season is, therefore, likely to be high-octane with a Crypto firm at the helm of the market visibility.
The Deal Will Market Crypto
According to the OKX Global Chief Marketing Officer, Haider Rafique, the partnership offers a platform for the exchange platform to market Cryptos to the public.
The UK has between 9 and 11 million football fans, according to estimates, and the number is set to rise. On the other hand, a recent report by Her Majesty’s Revenue and Customs shows that there are 5 million Crypto users in the country, and the number is rising astronomically.
Hence, when the OKX brand features on the training kit for one of the leading football clubs in the tier 1 league, there could be increased Crypto adoption. On the other hand, Rafique adds that the platform will use the opportunity to educate Crypto users to trade responsibly.
The Deal Comes Amidst a Crypto Winter
Another EPL club in a sponsorship deal with a Crypto firm is Chelsea. In May, the firm entered a £20 million deal with WhaleFin, an emerging Crypto exchange platform. A Nielsen report shows that sponsorship deals between Crypto and sports could peak at $5 billion by the end of 2026.
This could cement the integration of digital assets in almost all spheres of life as the world transitions to Web 3.
On the other hand, Crypto services providers are facing dwindling revenues as Crypto prices plummet. Although some are restructuring by laying off employees, the outlook for the industry remains positive as the adoption of digital assets gathers momentum.