AUS
NZ
UK
CA
USA
IND
Highlights
- On 11 May, English Premier League giants Chelsea FC inked a deal with a crypto trading and lending platform WhaleFin.
- WhaleFin, in a £20million-a-year deal, is said to have agreed to sponsor the London club from next season.
- According to a report from the sports analytics firm Nielsen Sports, in the year 2021, crypto deals with sports teams grew by over 100%, and by 2026, the sports sponsorships are expected to reach US$ 5 billion.
With the world of cryptocurrencies expanding, crypto firms are increasingly looking to maximise the space with various offerings in various sectors. One sector that has been seen increasing interest in crypto investment is the sports sector. In fact, it won't be wrong to say like 2021 was the breakout year for the non-fungible tokens; the year also signified an increase in the sports deals and sponsorship in a variety of sports.
According to a report from the sports analytics firm Nielsen Sports, in the year 2021, crypto deals with sports teams grew by over 100%, and by 2026, the sports sponsorships are expected to reach US$ 5 billion. Whether it be football, Formula 1, baseball, etc., they have seen multi-million-dollar investments either in the form of fan tokens or as NFTs.
Also read: Terra (Luna) crypto down by over 70%: Will it dip more?
Football is one sport that perhaps has seen maximum investments, with the majority of clubs boasting of either shirt sponsorship deals, fan tokens, NFTs etc. Leading European teams such as Paris Saint-Germain FC, Manchester City, Manchester United, AC Milan, FC Porto etc., all have struck handsome deals and launching their exclusive fan tokens to woo the fans.
On 11 May, one more crypto firm inked a deal with the English Premier League giants Chelsea FC. WhaleFin, a crypto trading, and lending platform, agreed to sponsor the London club from next season.
What would WhaleFin crypto's deal entail?
WhaleFin deal is expected to be the shirt sponsor of the Chelsea football club. The £20million-a-year deal will now come to force for the Blues after American billionaire Todd Boehly and his consortium had signed an agreement to purchase the club. With the agreement, WhaleFin replaced Hyundai as the shirt sponsor.
WhaleFin is essentially a digital asset platform owned by Singapore-based Amber Group and has been known for making investments in the sports field. Amber's leading shareholders include Singapore's Temasek investment group, Sequoia China, Coinbase Ventures etc.
Also read: 3 times Bitcoin bounced back after a dip. Is there a ray of hope?
The move will also mark Chelsea's debut in the cryptocurrency arena. The move comes just weeks after another London club Liverpool was rumoured to have struck a deal with another crypto firm to replace Standard Chartered as its main shirt sponsor.
Conclusion
WhaleFin's inclusion adds to the long list of crypto firms queuing up to maximise their positions through its offerings. At the same time, it's a win-win proposition for them and especially Chelsea considering its previous owner Roman Abramovich was put under sanctions following the Russia-Ukraine crisis. The development had put pressure on the Blues to generate commercial revenue, and this deal, with new American owners, should ease up some of their pressure.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
