Singapore-based crypto firm BingX on Wednesday signed a deal to sponsor a part of football giant Chelsea’s jersey, according to local media reports from London.
Chelsea agrees to BingX’s sponsorship offer
Football team Chelsea has agreed to accept BingXs sponsorship deal for their jersey. According to The Telegraph, the deal will see the new jersey have a BingX logo on its sleeve for the rest of the season.
The follow-up of this deal will result in Chelsea having a BingX logo on its training kit from the next season. The deal is also speculated to be a multi-year contract.
Though BingX came into the negative limelight for being “a steadfast supporter of the Russian crypto community,” the firm still manages to serve around 10 million users every year.
The Chelsea-Amber fallout
This is not the first time Chelsea partnered with a crypto firm for sponsorship. Back in 2022, crypto firm Amber Group reportedly signed up to get their WhaleFin logo on Chelsea’s jersey. Based on reports, the £20 million-a-year deal came to an abrupt end in December 2022.
During this period, Bitcoin’s value was roughly a fourth of what it was in 2021.
Crypto and sports: a long journey
The mainstream acceptance of cryptocurrency in sports has been a frequent occurrence in the past. However, partnerships became less common as the cumulative market cap took a downturn on the back of mounting regulatory scrutiny.
Even this season, 18 out of 20 Premier League clubs have an official crypto partner. As more athletes and teams embrace this novel partnership, fan interactions are set to transform drastically.
This could result in a possible ear of fan tokens and other small gestures being made using virtual currencies.
This trend is not just limited to football, also known as soccer in many places, but also American Superball, the NBA, Formula 1, and many more. With that, speculations arise about whether the Bitcoin ETF will have a role to play in these sponsorships.
Which $BTC Spot ETF issuer(s) will buy an ad in Super Bowl LVIII?
— Eleanor Terrett (@EleanorTerrett) December 29, 2023