Cryptocurrency exchange OKX is doubling in Manchester City. On Sunday, the company announced it had received an agreement to expand its membership and become the company’s official training partner for the 2022-23 season. The deal will also feature Manchester City players who will be aware of the crypto education system developed by OKX.
No details were given, but a reason was given Forbes The extended deal will keep the Premier League champions ruling at more than $ 20 million this season. Manchester City first named its cryptocurrency partner OKX in March as part of a multimillion-dollar deal. Forbes He estimated the company had a net worth of $ 4.25 billion, making it the sixth -largest football company in the world.
Crypto money has been poured into sports in recent years as the industry has continued to develop a significant reputation. For example, FTX has signed a number of top players, including Tampa Bay Buccaneers quarterback Tom Brady, Golden State Warriors star point guard Steph Curry and Los Angeles Angels two -way phenom Shohei Ohtani. In February, Manchester City rivals Manchester United joined blockchain company Tezos as an ally, in a sale of $ 27 million a year, according to Alepale. Last year, French football club Paris Saint-Germain signed a partnership with fan broker Socios.com and brokerage firm Crypto.com. FIFA also announced in March that Crypto.com is Qatar’s “2022 independent cryptocurrency trading platform.” A Nielsen report published this year estimated that cryptocurrency spending on sports will reach $ 5 billion by 2026.
But the collapse of the new crypto, which sent the price of Bitcoin falling below $ 20,000 in June, has cast doubt on the future. Last month, Coinbase, BlockFi, Crypto.com and Gemini announced the release, resulting in the loss of 1,700 jobs. BlockFi, the latest Pitchbook to $ 4.8 billion, is reportedly finalizing a deal to sell FTX for $ 240 million, according to Yahoo Finance. Coinbase’s revenue has fallen by about 76% since the start of 2022. On the sports front, FTX has released cars in support of a jersey patch with the Los Angeles Angels, according to ka New York Post. The Washington Wizards also worked with an anonymous crypto company.
“The market is really slow,” said Joe Favorito, a professional sports coach and Columbia coach. He added: “You don’t see a piece coming out of the umpire’s uniform or the name removed from a field. But the ancillary hire is reduced, even if it’s the big ads. and things like the NBA Finals.
OKX is moving forward with expansion plans even in the fall. In addition to his Manchester City reunion, the head of financial markets has now told CoinDesk that he plans to increase its workforce by 30% with the goal of reaching an employee of 5,000. Fidelity Digital Assets and Binance have announced similar opinions in recent months.
“OKX’s investment in our partners and our organization is market agnostic because our headlines and our beliefs have not changed,” said OKX general manager Haider Rafique. “We think about selecting partners that are considering this idea, which is why we don’t spend the bull run in doing sports at a reasonable price. zero.”
Founded in 2017 by embattled crypto company Star Xu, OKX operates in more than 180 markets worldwide and has 20 million users. Founded in the Republic of Seychelles, it is the second largest crypto exchange by derivatives and the largest cryptocurrency market. By 2021, OKX said, it will have generated more than 25 billion transactions, with revenues of more than $ 21 trillion.