Chelsea Scores Major Crypto Sponsorship Deal

BingX, a Singapore-based cryptocurrency firm, recently inked a sponsorship pact with Chelsea, a prominent football club, securing a spot for their logo on the team's jersey sleeve for the ongoing season.

Additionally, talks are underway to extend this collaboration to feature BingX branding on Chelsea’s training kit starting next season, hinting at a potentially long-term alliance.

Despite facing scrutiny for its ties to the Russian crypto community, BingX boasts a user base of approximately 10 million individuals annually.

This deal follows Chelsea’s prior partnership with Amber Group, which abruptly concluded in 2022 amid a downturn in Bitcoin’s value.

Despite regulatory hurdles, the prevalence of crypto affiliations in sports is evident, with 18 out of 20 Premier League clubs currently engaged in formal partnerships with cryptocurrency entities this season.

This emerging trend transcends football, with various other sports, such as the NBA and Formula 1, also embracing crypto collaborations.

Observers are keenly watching the evolving role of the Bitcoin ETF in shaping future sponsorship dynamics in the sports industry.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.