Crypto exchange platform OKX is intensifying its relationship with the English Football club Manchester City. According to a recent announcement by the company, it has reached an agreement to expand its existing corporation with the club and becomes its official training kit partner for the 2022-23 season. Moreover, the new deal will also see several Manchester City players feature in crypto education content produced by the exchange.
A few weeks ago I posted about our commitment to our growth at OKX despite the market corrections.
Today we are proud to announce that we’ve expanded our deal with Manchester City Football Club to become their official training kit partner.
Why did we do this? Thread (1/4) pic.twitter.com/WDAs0YeVt5
— Haider (@Haider) July 11, 2022
Though the financial terms of the expanded deal are not disclosed yet, a Forbes report reveals that the new agreement will net the Premier League Champions winner more than $20 million this season.
In March, as TheCoinRise reported, Manchester City tapped OKX as its official crypto exchange partner as part of a multimillion-dollar, multi-year deal. The world’s sixth-most valuable soccer team, worth around $4.25 billion, is committed to continued innovation, talent development, and technology advancements.
The massive expansion plans of OKX
Founded in 2017 by struggling cryptocurrency entrepreneur Star Xu, OKX now has more than 20 million members and is active in more than 180 international markets. Despite the ongoing market slump, the trading platform is continuing with its expansion goals. In addition to its collaboration with Manchester City, the company recently disclosed to CoinDesk that it intends to increase its employment by 30% with the aim of hiring 5,000 people. Similar ambitions have just been announced by Binance and Fidelity Digital Assets.
According to OKX Chief Marketing Officer Haider Rafique, “OKX’s investments in our partners and our team are market agnostic because our principals and beliefs haven’t changed. We are intentional about selecting partners who reflect this focus, which means we didn’t spend the bull run making sports deals at an unsustainable rate.”
However, the latest cryptocurrency collapse, which caused Bitcoin’s value to fall below $20,000 in June, has raised concerns about the future of space, though. Over 1,700 positions were lost as a result of layoff announcements made by various crypto companies like Coinbase, BlockFi, Crypto.com, and Gemini last month.