WhaleFin’s deal with Chelsea: A match in the virtual asset world

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.

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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.

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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.

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