Chelsea Football Club has closed a sleeve sponsorship deal with BingX, a prominent cryptocurrency exchange. This partnership, estimated by The Standard to be worth more than £10 million, will allow BingX's brand to appear on the club's kit for the remainder of the English Premier League (EPL) season.
Additionally, according to a report by The Athletic, there are plans to have the company's logo appear on the front of Chelsea's training kits in the upcoming 2024-25 EPL season.
Sports Sponsorship in the Crypto Era
As the crypto world continues to gain traction, BingX, founded in 2018 and serving a user base of over 10 million globally, aims to leverage this partnership to expand its brand presence. While BingX has more than 200,000 followers on Twitter, Chelsea boasts over 25 million followers on the social media platform. BingX is listed on crypto data websites CoinMaketCap and CoinGecko.
Chelsea's constant pursuit of partnerships to enhance its commercial revenue stream reflects the competitive nature of EPL football. With BingX on board, the English football club is embracing the world of cryptocurrency.
Currently, Infinite Athlete appears on Chelsea's front-of-shirt for this season. However, it will reportedly transition to adorning the club's training kit sleeves for the subsequent campaign. Notably, Chelsea is yet to finalize its front-of-shirt sponsors for the 2024-25 season.
Last year, the club announced a multi-year collaboration with TMGM, a prominent online trading and investment services provider. This partnership marked TMGM's first venture into sports sponsorship with a major international football club.
Forging New Partnerships in the FX Space
In the deal, Chelsea chose TMGM as its official regional online forex and trading partner in the Asia Pacific region. The collaboration aims to create engaging activations, fostering brand awareness for TMGM in the forex market while delivering exclusive content and experiences to TMGM's clients and Chelsea fans across the region.
It signifies TMGM's strategic shift towards establishing its presence in the football realm, a departure from its prior sponsorships of sporting events like the Australian Open and the Asean Football Federation Mitsubishi Electric Cup, Finance Magnates reported.
Similarly, Chelsea entered into a sponsorship dealwith WhaleFin in 2022. This partnership, valued at £20 million, marked a significant shift in the club's branding strategies, replacing its former sponsor, Hyundai.
Chelsea's move was not isolated; it mirrored the evolving landscape of sports partnerships, with other top-tier clubs like Manchester United and Manchester City venturing into crypto sponsorships. Such collaborations highlight the growing interest in blockchain technologies within the sporting realm.
This article was written by Jared Kirui at www.financemagnates.com.
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