OKX Partners with Manchester City
Manchester City has announced cryptocurrency exchange OKX as their new training kit sponsor, extending its partnership with the cryptocurrency exchange platform.
In a multi-million-pound deal, the club named its new partner as its first "official cryptocurrency exchange partner" earlier this year, and they have moved to strengthen their relationship this summer.
The Seychelles-based cryptocurrency exchange has agreed to become the official training kit sponsor of English Premier League champions Manchester City F.C. for the 2022-23 season. The deal, worth more than $20 million, was first announced in March 2022, representing the exchange's first venture into the sports world. OKX branding will appear on both the men's and women's training kits of Manchester City.
The agreement will bring in a "new era of disruptive fan engagement and web3-based experiences," according to the company's official blog post, with the players participating in OKX's crypto education initiatives. OKX has also commissioned street artist Akse P19 and Global Street Art Agency to create artworks featuring players.
Aim of the Manchester City Deal
By the new agreement, OKX intends to revamp the "fan experience", providing cryptocurrency tips for trading responsibly and curating programmes to benefit the Manchester community.
Manchester City's group chief operating officer, Roel de Vries, added that cryptocurrency exchange and Man City share values such as innovation, training, and education.
Uncertainty Regarding the Manchester City Deal
There is still concern and uncertainty about football clubs partnering with cryptocurrency firms like OKX, given that the sector is still, to a large extent, unregulated and their markets have been significantly declining this year. Manchester City, in the past, had to quickly terminate a deal with previous Russian-based partners MarathonBet on the front of the training kit due to Russia's invasion of Ukraine, with MarathonBet initially replacing Expo 2020 Dubai on the front of the training kit.
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Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.