Crypto Exchange OKX Partners With Manchester City

OKX Partners With Manchester City

Welcome back to the Tribe! In this post we dive into the recent OKX Partners With Manchester City.

Nothing should be considered investment or financial advice. Enjoy the ride!

OKX Partners With Manchester City

Champions of the English Premier League Manchester City have reached an agreement with cryptocurrency platform OKX. The deal is reportedly worth millions of dollars and marks yet another venture into the decentralized space by the club.

Football Giants Manchester City Team Up With OKX

Forbes published a report revealing that popular Seychelles-based cryptocurrency exchange OKX has signed a multi-million dollar deal with a major British football club. The club in question has been revealed as defending champions Manchester City, per the report published on Friday (March 4, 2022).

Although specific financial details regarding the agreement have not been released as of the time of writing this report, sources claim that City is set to receive a hefty payout on an annual basis. Also, the partnership with OKX will feature crypto ads displayed in Manchester City’s main stadium dubbed the Etihad as well as the club’s academy ground.

In addition, OKX’s sponsorship will interact with City’s full range of esports offerings as well as the club’s men’s and women’s teams.

While this is the first time the crypto exchange has forayed into the sports industry, Manchester City has previously dipped its toes in the booming digital assets economy. The club previously announced plans to build a virtual reality replica of the Etihad stadium in the metaverse. City’s metaverse project also includes a three-year development deal with the Sony Corporation in a move geared towards boosting fan engagement and expanding the club’s offerings.

According to City Football Group’s chief marketing officer, Per Nuria Tarre, Manchester City hopes to deliver remote stadium access to fans. Tarre added that:

“The whole point we could imagine of having a metaverse is you can recreate a game, you could watch the game live, you’re part of the action in a different way through different angles and you can fill the stadium as much as you want because it’s unlimited, it’s completely virtual.”

The EPL giant also teamed up with Chiliz blockchain back in March 2021 in a partnership aimed at offering tokenized fan offerings through the Socioa.com mobile app.

City’s deal with OKX comes a few weeks after rivals Manchester United unveiled its partnership with a crypto-focused company. United announced a training kit sponsorship agreement with Tezos Blockchain.

Growing Crypto-sports Deals

The news from Manchester city and OKX comes as the latest in a plethora of crypto-sports deals. Crypto companies are supposedly targeting stakeholders in the sports industry in a bid to incentivize broad-based adoption and grow the number of digital asset holders.

Major platforms like FTX, Coinbase and crypto.com also splashed the cash to secure ad slots during America’s gridiron Super Bowl event. Also, crypto.com has a shirt deal with the mixed martial art franchise Ultimate Fighting Championship (UFC).

In addition, researchers from sponsorship consulting outfit IEG, have surmised that cryptocurrency firms could spend well over $160 million on sports deals in 2020.

LUGANO RECOGNIZES CRYPTO

Following El-Salvador’s recognition of Bitcoin as a legal tender last year. Many parts of the world have been mulling over the idea and making plans in that direction.

This time the train stopped at Lugano, a city in the southern part of Switzerland which aims to be a cryptocurrency hub in the center of Europe.