Chelsea Signs Sponsorship Deal with BingX
Football team Chelsea has agreed to a sponsorship deal with crypto firm BingX, according to reports. The deal will involve the BingX logo appearing on Chelsea’s jersey sleeve for the rest of the season. Additionally, starting from next season, the BingX logo will be featured on the team’s training kit. This partnership is speculated to be a multi-year contract.
Previous Crypto Sponsorship: Chelsea and Amber Group
This is not the first time Chelsea has collaborated with a crypto firm for sponsorship. In 2022, Amber Group signed a £20 million-a-year deal to have their WhaleFin logo on Chelsea’s jersey. However, this partnership came to an abrupt end in December 2022 when Bitcoin’s value significantly dropped.
Crypto and Sports: A Growing Trend
The acceptance of cryptocurrency in sports has become more common in recent years. Despite regulatory challenges affecting the market, 18 out of 20 Premier League clubs currently have an official crypto partner. This trend extends beyond football and includes sports like American football, basketball, and Formula 1. As more athletes and teams embrace crypto partnerships, fan interactions are expected to evolve, potentially involving fan tokens and other virtual currency transactions.
Hot Take: Bitcoin ETF and Sports Sponsorships
With the increasing adoption of cryptocurrency in sports sponsorships, there is speculation about the role of Bitcoin exchange-traded funds (ETFs) in these partnerships. As cryptocurrencies gain more mainstream recognition, it wouldn’t be surprising to see Bitcoin ETF issuers advertising during major sporting events like the Super Bowl.
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