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What’s interesting is that the deal comes at a time when there is a market downturn.
Crypto trading platform, OKX, has announced the completion of a sponsorship deal with Premier League champions, Manchester City. Earlier in March, the firm signed a multi-year partnership deal to become the official crypto partner of Manchester City. However, the deal has now progressed beyond that.
The new deal makes OKX the official training kit partner for Manchester City for the 2022/2023 session. Per the agreement, OKX will be printed across the training kits of the Manchester City teams. The deal will also require some Manchester City stars to participate in creating crypto education content.
Also, OKX noted it commissioned street artist “Akse P19” and the Global Street Art Agency to design four murals across Manchester. The artworks contain QR codes which fans can scan to win tickets in the OKX Hospitality Box.
Sponsorship Deal Reflects Shared Value
OKX has a mission to raise responsible long-term traders by providing necessary information and education. Haider Rafique, Global Chief Marketing Officer of OKX noted that the deal with Manchester City reflected the company’s focus.
He said that “the real grit and perseverance is built on the training ground.” Rafique hopes users will use OKX’s demo trading feature to train for real trading even as Man City players train for a new season. He also believes the deal will allow the company to educate those curious about cryptocurrencies.
Group Chief Operating Officer of City Football Group, Roel de Vries, shared similar sentiments. He said:
“OKX and Man City align on values such as innovation and success, and for both parties, everything starts with training and education.”
Market Downturn not a Problem
What’s interesting is that the deal comes at a time when there is a market downturn. Many crypto companies have seen their values wiped off, even as any announced layoffs.
For example, Coinbase stocks crashed by about 76%. BlockFi, which was previously valued at $4.8 billion, has reached an agreement with FTX US to be acquired for $400 million.
Consequently, sponsorship deals from crypto companies have stalled. However, Rafique noted that the plans of OKX did not depend on the market.
“OKX’s investments in our partners and team are market agnostic because our principals and beliefs haven’t changed,” he concluded.