- Manchester City seems to expand itself more in the crypto industry, highlights a recent announcement.
- The multi-year agreement named the popular crypto exchange OKX as its official crypto exchange partner.
- A report anticipates the crypto spending in the sports industry to grow by leaps and bounds.
Manchester is expanding its footsteps in the crypto space. This prominent English Premier League club recently announced a multi-year agreement mentioning OKX as its official crypto exchange partner.
The deal signifies OKX‘s first step in the world of sports and will cover Manchester city’s men and women team along with the city’s esports operations. The deal would indulge Manchester’s venues, the 55,000 seat Etihad Stadium and the 7,000 person capacity Academy Stadium, and further collaborations on other projects. However, the monetary facts and figures were not revealed.
Founded in 2017 by Star Xu, a controversial figure, OKX is one of the biggest cryptocurrency exchanges by Derivatives transaction volume. The exchange is based in the Republic of Seychelles and has its operations in over 100 countries. In early 2022, the company claimed that its platform grew by 700% during last year.
Sports and Crypto: An ever-emerging Duo:
In the previous year, FTX agreed on a 19 year deal worth $135 million for the naming rights to Miami Heat’s arena. Whereas Crypto(dot)com spent over $700 million to replace the Staples Centre moniker for the coming 20 years. Both of the parties have also gathered a laundry list of top athlete endorses under the FTX flag. As well as with retired NFL quarterback Tom Brady, Los Angeles Angels two-way phenom Shohei Ohtani, Golden State Warriors star point guard Steph Curry under the FTX flag, and Crypto.com sponsoring LeBron James.
A recent report by Nielson highlights that crypto spending in the sports industry is anticipated to reach $5 billion by the year 2026.
Sports is one of the sectors where the crypto industry’s growth is quite significant. Apart from crypto, the sports world is quite indulged in the concepts of NFTs, Metaverse, etc. The crypto industry makes it more fascinating for fans and enhances their experiences. It is to look forwards to how the crypto sector would further expand itself in the sports world.