Seychelles-based crypto exchange OKX has expanded its sponsorship deal with the popular English football club Manchester City. As part of the expansion, Manchester City will place the OKX logo on the sleeves of the team's shirts, which are worn by the players on the field during the matches, as of next season. The sponsorship already paved the way for the company's logo to be displayed on the players' training kit. - The expansion will also see OKX paying Manchester City $70M over the three-year course of the deal.
- The pair first entered into a partnership in March 2022 with a $12M agreement.
- Crypto firms' sponsorship deals were significantly harmed, especially after the collapse of the previously third-largest crypto exchange FTX, which also had collaborations with popular sports teams.
- OKX's chief marketing officer (CMO), Haider Rafique, said the collapses of the high-profile crypto firms last year caused their partners to have a beady eye on OKX's situation.
- Rafique added that they present their proof-of-reserves (PoR) reports to their partners instead of answering the questions individually.
PoR refers to the reports prepared by a third-party auditor to confirm that a crypto company has sufficient reserves to cover all of its depositors' funds and all the customer funds are safe. - Following FTX's bankruptcy in November 2022, many crypto exchanges, including Binance, Coinbase, and Kraken, have started publishing their PoR reports to maintain customer confidence.
- OKX also previously signed sponsorship deals with the Formula 1 team McLaren Racing, The Tribeca Festival, Australian snowboarder Scotty James, and Formula 1 driver Daniel Ricciardo.
|
