Manchester City is investing heavily in the cryptocurrency mania. The reigning Premier League champions named OKX as its official bitcoin exchange partner in a multi-year partnership revealed on Friday. The arrangement will cover Manchester City’s men’s and women’s teams, as well as its esports operations, and will be OKX’s first step into the sports world.
It will involve a presence inside both Manchester City stadiums, the Etihad Stadium (55,000 seats). Then, and the Academy Stadium (7,000 seats), as well as participation on future projects.
Financial terms were not released, but a source tells Forbes that the club’s annual arrangement with the club, which is valued at $4 billion. Then, and is the world’s sixth-most expensive soccer team, is in the multimillion-dollar range.
It’s the latest in a long line of cryptocurrency endorsements pouring money into sports as the industry tries to gain traction with mainstream viewers.
Last year, FTX agreed to a $135 million, 19-year naming rights agreement with the Miami Heat. While, Crypto.com spent more than $700 million to replace the Staples Center brand for the next 20 years. As well as, an eight-figure contract for the Philadelphia 76ers’ jersey patch.
With retired NFL quarterback Tom Brady, Golden State Warriors star point guard Steph Curry. Then, and Los Angeles Angels two-way phenom Shohei Ohtani under the FTX banner. Also, Crypto.com promoting LeBron James, both companies have amassed a long roster of prominent athlete endorsers.
According to a recent Nielsen estimate, crypto spending in sports is expected to reach $5 billion by 2026.
According to CoinMarketCap.com, OKX is the second-largest crypto exchange by derivatives transaction volume, with more than $20 trillion changing hands in the last 24 hours.
Star Xu, the controversial crypto entrepreneur who publicly declared his innocence in 2020 following a purported inquiry into an equity merger related to his blockchain company OK Group, launched it in 2017.
OKX, formerly known as OKEx, is in the Republic of Seychelles and operates in over 100 countries.
The business announced in January that total trading on its platform increased by 700 percent in 2021.
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