The alliance between the soccer and cryptocurrency sectors seems to be going well across the Channel. The OKX platform has just renewed its partnership with Manchester City, with a contract worth $70 million. Guarantees have been signed that the platform’s reserve proofs will be used.
Manchester City and OKX renew contract
The multi-year partnership was initiated in 2022, and strengthened a year ago. The OKX logo was already flocked on the training shirts of Manchester City’s men’s and women’s teams, and this new contract further strengthens the ties. This time, the teams’ competition shirts will bear the exchange platform’s logo. The cost of this sponsorship? 70 million dollars according to Forbes, which reported the news.
OKX seems to have positioned itself at the right time in Manchester City’s history. Last year, the team won the Premier League, the FA Cup and the UEFA Cup. It also generated 815 million in revenues last yearand is currently estimated to be worth close to $5 billion.
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Guarantees to avoid an FTX-style scenario
The world of sports is slowly getting back into cryptocurrencies, after the catastrophic fall of the FTX platform in 2022. Back then, cryptocurrency logos dotted many a soccer team jersey or Formula 1 stable, before a wave of intense distrust swept through the sector. This time, the sports world is demanding a little more assurance. OKX’s (many) sports partners are now examining the exchange platform’s proof of reserveto ensure its financial health.
With partnerships with the McLaren F1 team, racing driver Daniel Riccardio, a number of Manchester City players and snowboarder Scotty James, OKX seems to be banking on its sporting partnerships. The platform has apparently benefited from the fall of a major competitor, and the recent reshuffling of the cards. According to CoinGecko, it is now the third most important platform of the moment with $1.1 million in volume over the last 24 hours. The company is also planning to expand into France, according to a recently filed PSAN application.
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Source: Forbes
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As a journalist at Cryptoast, I fell into the cryptocurrency world a few years ago. I’m passionate about the innovative technologies stemming from blockchain, and love digging up the juiciest news to share with you.
Marine Debelloir
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