Manchester City, a leading English soccer club, has announced an initial relationship with cryptocurrency exchange OKX, which will span the club’s men’s and women’s teams, as well as its esports initiatives.
The partnership will focus on “unique experiences for OKX’s worldwide client base, as well as an in-stadium presence across the Etihad Stadium and Academy Stadium,” according to a press release from the club.
OKX, which rebranded from OKEx earlier this year, is the industry’s second-largest spot exchange, with over 20 million customers and $4.3 billion in normalised trading activity in the previous 24 hours. This puts it ahead of Coinbase, which is in third place with around $3.3 billion, but much behind Binance, which has a market capitalization of around $16.2 billion.
“Manchester City is a Club that embodies the impact football has on people’s lives, to bring people together around a shared passion of the beautiful game,” said OKX CEO Jay Hao.
Both teams’ commercial sides are making significant progress in the digital asset arena. Amidst an ever-present rivalry and strong jostle for bragging rights in the city of Manchester. Especially in light of the approaching derby match on Sunday. Score rich partnerships with industry corporations and race to grow their influence in the Web3 arena, respectively.
Manchester United was first to sign up with blockchain firm Tezos in early February, ahead of its competitors. To become the official training kit and technology partner for the company. It also intends to venture into the metaverse and the nonfungible token (NFT) collectible area.
Most valuable soccer teams in the world according to Forbes
Forbes released figures in April 2021 identifying the most valuable soccer teams in the world. Manchester United placed in fourth place with a value of $4.2 billion. And a revenue forecast of $643 million in 2020. Behind Spanish heavyweights Barcelona and Real Madrid. Manchester City, on the other hand, finished sixth with $4 billion and $609 million in revenue.
Arsenal, headquartered in North London, attempted to enter the fan-token business as well. Only to have their efforts stymied by the Advertising Standards Authority due to rule violations. “Irresponsibly exploiting consumers’ inexperience” and “failing to show the risk of the investment,” according to the regulatory authority.