Cryptocurrency exchange OKX has reinforced its commitment to the sports sponsorship arena by expanding its partnership with Manchester City, one of the world's most prestigious soccer clubs. The $70 million deal underscores OKX's confidence in its financial stability and transparency, addressing lingering concerns from the FTX collapse that rattled the crypto industry.
Strengthening Ties with Manchester City
Under the renewed three-year agreement, OKX's branding will gain enhanced visibility:
- On-field shirt sleeves: Added as a new placement starting next season.
- Training kits: Continues as the primary sponsor.
This expansion follows OKX's initial sponsorship in 2022, demonstrating a long-term strategy to align with elite sports organizations. The deal exemplifies how crypto firms are navigating post-FTX skepticism through proactive transparency measures.
Proof of Reserves: A Key Trust-Building Tool
Post-FTX, sports partners like Manchester City and McLaren Racing have rigorously audited OKX's operations. Haider Rafique, OKX's Chief Marketing Officer, revealed:
"Partners demanded clarity on whether we could face FTX-like risks. Instead of vague assurances, we provided access to our proof-of-reserves audits. Their teams scrutinized our data—some board members even emailed detailed queries."
Proof of reserves (PoR) employs cryptographic methods to verify an exchange's liquidity, ensuring customer funds are secure. This transparency initiative has become critical for crypto firms seeking to rebuild institutional trust.
The FTX Effect on Crypto Sponsorships
The 2021–2022 crypto sponsorship boom saw brands like FTX and Crypto.com secure high-profile stadium naming rights and uniform placements. However, FTX's November 2022 collapse triggered widespread reevaluation:
- Increased due diligence: Clubs now demand deeper financial vetting.
- Shift toward transparent partners: Exchanges with PoR audits gain an edge.
👉 Explore how OKX maintains financial transparency
Why Manchester City Chose OKX
Manchester City's decision to expand the partnership reflects:
- OKX's stability despite industry turbulence.
- Commitment to compliance, including PoR audits.
- Shared global audience, aligning with the club's international fanbase.
FAQs: OKX and Manchester City Sponsorship
How much is OKX paying Manchester City?
OKX will pay $70 million over three years under the expanded deal.
What changed in the sponsorship terms?
OKX branding now appears on shirt sleeves (new) while remaining on training kits.
How does proof of reserves work?
PoR uses blockchain technology to cryptographically verify that an exchange holds sufficient assets to cover all customer balances. Partners audit these reserves quarterly.
Did FTX's collapse affect this deal?
Yes. Manchester City and other partners intensified scrutiny of OKX's finances post-FTX, leading to rigorous PoR audits.
What’s next for crypto in sports sponsorships?
Transparency-focused exchanges like OKX are likely to dominate future deals, replacing firms that lack verifiable reserves.