Manchester City bags another crypto sponsorship deal with OKX (OKEx)
Soccer giant Manchester City has signed a curious partnership deal with OKX, formerly known as OKEx, a Seychelles-based cryptocurrency exchange.
OKX was named by City as the “Club’s Official Cryptocurrency Exchange Partner” as part of a commercial expansion by the Premier League champions. The deal marks OKX’s first venture into the world of sport and entertainment.
As part of its sponsorship package, the crypto venue will gain visibility through a range of marketing channels. This will span Manchester City men and women teams, in addition to the club’s esports operations. On top of that, OKX will access to matchday media backdrops, tickets, digital rights and players’ activities.
OKX, which claimed over $4.2 billion of crypto trading volumes in the last 24 hours, will also benefit from in-stadium presence across the Etihad Stadium and Academy Stadium.
The new deal comes a few months after Manchester City suspended their partnership with a mysterious cryptocurrency startup called 3Key Technologies. In the wake of media reports, the English football club halted the sponsorship agreement, which was announced but not activated in respect of any specific products or services, due to 3Key’s lack of online presence.
City pulled back from the mysterious deal
While 3Key claims it has been in the business of facilitating cryptocurrency and NFTs trading since 2020, there was no mention of staff members or of products available to the public.
Roel De Vries, Chief Operating Officer, City Football Group, said: “We are pleased to welcome OKX as an Official Partner of Manchester City today as they look to venture into the world of sports. The new partnership aligns our shared values of innovation, drive for success and being at the cutting edge of our respective industries. Their broad and inclusive approach to targeting diverse audiences resonates with our approach. We look forward to working together throughout the partnership.”
“We are delighted to partner with Manchester City, one of the world’s best-loved and most successful teams. Football and crypto share something important; they are for everyone, they create inclusivity within society. For OKX, Manchester City is a Club that represents the effect football has to make a positive difference in people’s lives, to bring people together around a shared love of the beautiful game. We are entering the Premier League for the first time as City’s official crypto partner to celebrate this community spirit in the world of football because it’s something we both share,” added Jay Hao, CEO of OKX.
OKX’s parent, OKCoin, was one of the three major crypto exchanges in China before the authorities’ crackdown on the virtual asset industry, including a ban on ICOs in September 2017. Fleeing the hostile business environment, the exchange, along with its peers, has since shifted its operations overseas. OKX, which works as a separate entity from OK Group and OKCoin, is headquartered in Hong Kong while being officially based in Malta, and its CEO is Jay Hao.