OKX has expanded its deal with Manchester City with a new three-year deal making it the official partner of the famous English football club. The new deal is worth $70 million, the Seychelles-based cryptocurrency exchange says CoinDesk today (Friday).
OKX launched its first official global brand partnership with Man City in March 2022. A few months later, it became the club’s official training kit partner for the 2022/2023 season.
The new deal unveiled at the Etihad Stadium in England on Friday builds on those previous partnerships. The deal provides OKX with greater opportunity for brand positioning.
“As part of the expanded agreement, the OKX brand will appear on the left sleeve of men’s and women’s first-team game kits and will retain its position on the left sleeve of first-team training kits, in addition to appear on other digital media and physical club assets,” OKX explained in a statement.
Beyond Man City, OKX’s portfolio of brand partnerships includes British motor racing team, Formula 1 and F1 driver McLaren, Daniel Ricciardo, Olympian Scotty James and film promoter Tribeca Festival. However, OKX said CoinDesk he passed Man City’s ‘litmus test’ before the new deal was scaled up.
Sports sponsorship nightmare in the crypto industry
In 2021, FTX and Crypto.com spent over $1 billion on sports sponsorships, with the latter securing the rights to sponsor the Ultimate Fighting Championship for 10 years in a $175 million deal. However, the collapse of FTX in November 2022 left many of the cryptos bankrupt. exchange
Exchange
A stock exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, a stock exchange is accessible through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the primary responsibilities of an exchange would be to maintain honest and fair trading practices. These are essential to ensure that the distribution of supported security rates on this exchange is effective.
A stock exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, a stock exchange is accessible through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the primary responsibilities of an exchange would be to maintain honest and fair trading practices. These are essential to ensure that the distribution of supported security rates on this exchange is effective.
Read this termsports partners and celebrity endorsers facing multiple lawsuits, finance tycoons reported.
In an interview with CoinDesk On Friday, OKX revealed that its sports partners were concerned about its business in light of the situation at FTX. However, Haider Rafique, chief marketing officer of OKX, said the exchange’s proof of reserves (PoR) convinced sports collaborators otherwise. He added that partners such as Man City and McLaren Formula 1 have even audited his 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 with a new three-year deal making it the official partner of the famous English football club. The new deal is worth $70 million, the Seychelles-based cryptocurrency exchange says CoinDesk today (Friday).
OKX launched its first official global brand partnership with Man City in March 2022. A few months later, it became the club’s official training kit partner for the 2022/2023 season.
The new deal unveiled at the Etihad Stadium in England on Friday builds on those previous partnerships. The deal provides OKX with greater opportunity for brand positioning.
“As part of the expanded agreement, the OKX brand will appear on the left sleeve of men’s and women’s first-team game kits and will retain its position on the left sleeve of first-team training kits, in addition to appear on other digital media and physical club assets,” OKX explained in a statement.
Beyond Man City, OKX’s portfolio of brand partnerships includes British motor racing team, Formula 1 and F1 driver McLaren, Daniel Ricciardo, Olympian Scotty James and film promoter Tribeca Festival. However, OKX said CoinDesk he passed Man City’s ‘litmus test’ before the new deal was scaled up.
Sports sponsorship nightmare in the crypto industry
In 2021, FTX and Crypto.com spent over $1 billion on sports sponsorships, with the latter securing the rights to sponsor the Ultimate Fighting Championship for 10 years in a $175 million deal. However, the collapse of FTX in November 2022 left many of the cryptos bankrupt. exchange
Exchange
A stock exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, a stock exchange is accessible through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the primary responsibilities of an exchange would be to maintain honest and fair trading practices. These are essential to ensure that the distribution of supported security rates on this exchange is effective.
A stock exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, a stock exchange is accessible through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the primary responsibilities of an exchange would be to maintain honest and fair trading practices. These are essential to ensure that the distribution of supported security rates on this exchange is effective.
Read this termsports partners and celebrity endorsers facing multiple lawsuits, finance tycoons reported.
In an interview with CoinDesk On Friday, OKX revealed that its sports partners were concerned about its business in light of the situation at FTX. However, Haider Rafique, chief marketing officer of OKX, said the exchange’s proof of reserves (PoR) convinced sports collaborators otherwise. He added that partners such as Man City and McLaren Formula 1 have even audited his 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.
