Following the increasing adoption rates of cryptocurrencies, Manchester City announced an agreement with OKX (formerly OKEx) cryptocurrency exchange, which will now act as the official cryptocurrency exchange partner of its football (soccer) club, Forbes reports.
As the agreement suggests, OKX will be able to place the platform's identity on Manchester City's male and female teams and various e-sports operations. In addition to soccer teams, soccer fans will see the OKX logo and advertisement in Etihad Stadium and Academy Stadium, which are able to fit more than 60,000 people.
The financial terms of the agreement were not disclosed, but according to Forbes sources, the deal was made in the multi-million dollar range. It is important to note that Manchester City is the sixth-most valuable soccer team in the world, valued at $4 billion.
With more agreements like this, crypto-related projects are aiming at mainstream audiences to attract more private funds that acted as the main fuel of the market back in 2021.
Last year, FTX secured a 19-year $135 million deal for the naming rights of the Miami Heat arena. The deal will give the exchange the right to use its brand as the name instead of the name of the stadium. The deal also brings a list of top celebrities and athletes that started endorsing the exchange. According to the recent Nielsen reports, crypto spending in sports is expected to reach $5 billion by 2026.
OKX represents old-school exchanges as it holds second place as the one of the biggest derivatives trading platforms on the market. But despite taking second place on the derivatives market, OKX is still discovering new growing options that allowed the platform to gain 700% in 2021 alone.