Crypto Exchange OKX Partners With Manchester City Football Club
- This is OKX’s first venture into the world of sports and entertainment, with the multi-year partnership spanning across Man City’s men and women’s teams, in addition to its e-sports operations.
- The agreement will also allow OKX’s logo to appear at both Etihad Stadium, Man City’s home ground, and Academy Stadium.
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OKX has signed a multi-year partnership with prominent English Premier League champion Manchester City, becoming the club’s “Official Cryptocurrency Exchange Partner”, the exchange said in a press release on 4 March.
According to the announcement, this is OKX’s first venture into the world of sports and entertainment, with the partnership spanning across Manchester City’s men and women teams, as well as its e-sports operations. The exchange’s logo will appear not only at Man City’s home ground — the Etihad Stadium — but also at the Academy Stadium. The chief operating officer of City Football Group, Roel De Vries, said in a statement:
“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.”
While not much detail was revealed around the terms of the agreement, we do know it will be a multi-year partnership, and that the two parties will be exploring additional projects in the future. The football club — which has won the Premier League seven times — also signed a three-year agreement with Sony last month, and is now building a virtual replica of the Etihad Stadium in the metaverse.
Partnership deals between sports teams and crypto-related companies are starting to become more frequent in recent months. Back in February, Manchester United — a local rival of Man City — signed a sponsorship deal with proof-of-stake blockchain platform Tezos, reportedly worth $27 million per year. Last year, we also saw cryptocurrency exchanges FTX and Crypto.com both purchase the naming rights to the Miami Heat’s stadium and the LA Staples Center respectively.
- OKX has become one of the first crypto exchanges to release a Proof-of-Reserves page, giving users a greater visibility in its reserves and liabilities.
- Customers can also verify that their assets are backed 1:1 on the platform, and that they have become a “leaf” in the Merkle tree data structure.
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- CEO Changpeng Zhao pledged on Tuesday to implement a Proof-of-Reserve mechanism at Binance to provide full transparency, and called on all industry players to follow suit.
- KuCoin, Poloniex, Huobi, and OKX were among the first crypto exchanges that promised to publish proof of their reserve holdings within a month.
- Dubai’s Virtual Assets Regulatory Authority has granted OKX a provisional virtual assets license, enabling it to offer crypto products and services in the region.
- The company now plans to establish a regional office in Dubai, as well as expand its team and infrastructure within the UAE.