Chelsea Signs Sponsorship Deal With Crypto Firm- Report

English Football club Chelsea has agreed reportedly upon a 10 Million euros sponsorship deal with a major cryptocurrency firm, BingX. The deal amounts to 10 Million Euros. In this deal, the crypto firm will be featured on the team’s kits for two subsequent seasons.

Over the past few years, many other cryptocurrency firms have partnered up with sports and entertainment entities. The partnership makes BingX the official sleeve patent for the Chelsea men’s team.

Casper Stylsvig, the chief revenue officer of Chelsea FC, welcomed the deal and said that BingX is among the leading and developing crypto exchanges globally.

Meanwhile, the strategic partnership establishes a shared enthusiasm and dedication to investing in the future, paving the way for cooperative projects in the upcoming seasons.

Amidst the excitement around this historic collaboration, concerns have been raised about BingX’s connections to the Russian cryptocurrency scene. 

BingX held a noteworthy event during the Moscow Tech Week to highlight its commitment to innovation and involvement in this field.

In response to these worries, the UK government stated that there was no proof that BingX had any connections to people or businesses that had been sanctioned as a result of Russia’s invasion of Ukraine. 

Furthermore, the Premier League has no special regulations about Russia, indicating that it will not interfere with Chelsea’s sponsorship agreement, as dictated by the government’s sanctions system.

Other Deals of Crypto Companies in Sports and Entertainment

It is important to note that many other athletes and personalities linked to FTX via partnerships are still facing lawsuits after the failure of the cryptocurrency exchange.

Crypto(dot)com has been among the most active participants when seeking out sports collaborations. They agreed to pay $700 Million in 2021 to rename the Staples Centre Crypto(dot)com Arena for 20 years.

The NBA has also welcomed crypto sponsors. A cryptocurrency company called FTX paid $135 Million to name the Miami Heat’s arena for a period of 19 years.

With the ruling of US bankruptcy court judge John T. Dorsey, the naming rights deal between Miami-Dade County and FTX is now formally void. 

The former CEO and co-founder of the now-defunct cryptocurrency exchange Sam Bankman-Fried had been accused of fraud. 

According to sources, FTX paid the counterpart $14 Million in balloon payments the year before; the remaining $5.5 Million is due. FTX signed sponsorship agreements with several sporting organizations, including Major League Baseball, Furia, Team SoloMid, UC Berkeley, and the Washington Capitals.

Crypto(dot)com signed a $175 Million deal in football to become FIFA’s sole cryptocurrency partner for the 2022 World Cup.

Additionally, Red Bull Racing has an agreement with Singapore-based cryptocurrency exchange Bybit. The helmet and jerseys of the Red Bull racing team bear Bybit’s symbol. 

Beyond music, crypto companies also invest heavily in large entertainment event sponsorships. For esports events like League of Legends tournaments, FTX obtained naming rights agreements.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.