(MENAFN- CoinXposure) OKX, a Cryptocurrency exchange , is actively pursing long-term partnerships within the realm of sports advertising in an effort to distinguish itself from other cryptocurrency entities by establishing a lasting impact.
In an interview with The Block, OKX's global chief marketing officer, Haider Rafique, reaffirmed his company's commitment to its five-year partnership with the Formula One team McLaren, hoping to extend it for a decade.
OKX, a company with partnerships with UEFA Champions League champions Manchester City, unveiled a new McLaren automobile design in Singapore before the Grand Prix.
The exchange allocates between $25 and $50 million annually for advertising, with a substantial portion going to McLaren and Manchester City.
This year, they increased their spending with McLaren by an additional $6-7 million.
While Formula 1 has been a focal point for crypto sponsorships, certain agreements have been hampered by events such as the demise of FTX , which had a sponsorship agreement with Mercedes-AMG Petronas.
In recent months, Ferrari and Velas, a blockchain corporation, severed ties, and Tezos abruptly ended its partnership with Red Bull Racing.
Despite these obstacles, Kraken is one of several crypto brands that maintain active partnerships with Formula 1 teams.
This includes McLaren's agreements with Tezos and OKX, Alpine's partnership with Binance , Haas' agreement with OpenSea, and Red Bull Racing's rumored $150 million agreement with Bybit.
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Moreover, Cryptoowns the naming rights for the F1 Miami Grand Prix.
Manchester City and OKX have expanded their partnership, with OKX now serving as the club's official sleeve sponsor.
Reaffirming their commitment to sports advertising, their logo will appear on the left sleeve of the men's and women's first-team jerseys.
The changing landscape of crypto sponsorships in sports organizations, coupled with the dynamic nature of the cryptocurrency industry, emphasizes the significance of establishing long-lasting partnerships that benefit both parties.