Premier League soccer club Manchester City announced cryptocurrency exchange OKX as a new sponsor and the club’s Official Cryptocurrency Exchange Partner. Through the deal, which extends to City’s men, women and esports’ teams, Manchester City becomes OKX’s first partner in the sports industry.
Manchester City has considerable experience with blockchain-related partnerships. I was one of the first clubs in the Premier League and European football to partner with Animoca for blockchain-based games, launch a fan token with Socios, and celebrate the winning of a trophy with a non-fungible token drop. However, it is far from the first when it comes to cryptocurrency exchange sponsorships.
In November last year, the Premier League started an investigation into ongoing cryptocurrency partnerships and sponsorships with its clubs. It’s concerned these may encourage fans to take financial risks without full awareness of potential consequences. It also mentioned a lack of regulation in the industry and greater opportunities for fraud and misconduct. The UK’s Advertising Standards Authority has banned multiple cryptocurrency exchange advertisements (not OKX) and also a fan token promotion by another club, Arsenal.
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