TL;DR Breakdown
- Italian football club AC Milan has extended its partnership with crypto exchange BitMEX.
- Football clubs and crypto platforms continue to join forces.
Description
Italian soccer club AC Milan has recently announced the extension of its partnership with BitMEX, a prominent cryptocurrency exchange. BitMEX initially became the first-ever jersey sleeve sponsor for the team in 2021, and this new agreement sees the company elevated to the status of AC Milan’s premium partner, in addition to retaining its title as … Read more
Italian soccer club AC Milan has recently announced the extension of its partnership with BitMEX, a prominent cryptocurrency exchange. BitMEX initially became the first-ever jersey sleeve sponsor for the team in 2021, and this new agreement sees the company elevated to the status of AC Milan’s premium partner, in addition to retaining its title as the club’s official cryptocurrency trading partner.
BitMEX extends its partnership with AC Milan
The collaboration between AC Milan and BitMEX has been fruitful since its inception. BitMEX’s logo has prominently appeared on the gameday sleeves of both the AC Milan men’s and women’s team kits, strengthening the cryptocurrency brand’s visibility in the sports industry. Moreover, the two entities have ventured into the realm of non-fungible tokens (NFTs).
Last year, AC Milan released its inaugural NFT collection in partnership with BitMEX and design studio Fansea. Fans were offered a unique opportunity to own a 3D image of Milan’s jersey as an NFT, with a price tag of €45 (approximately $50) per token. The proceeds from the NFT sales were channeled to Fondazione Milan, AC Milan’s charitable arm that supports various causes, including humanitarian crises in Ukraine and UNICEF in South Sudan.
AC Milan’s Chief Revenue Officer, Casper Stylsvig, expressed delight at the continued collaboration with BitMEX, emphasizing the shared vision to embrace digitization, innovation, and growth for the club. Additionally, the partnership seeks to support and promote numerous charitable initiatives championed by Fondazione Milan.
While the exact financial terms of the extended deal have not been disclosed, it was previously reported that BitMEX had been paying €5 million (about $5.6 million) annually to sponsor AC Milan. This underscores the growing popularity of cryptocurrency sponsorships in Italian soccer, with another top Serie A club Juventus also signing a deal with Bitget in 2021.
However, the crypto market downturn has posed challenges for some partnerships. Earlier this year, Italian clubs AS Roma and Inter Milan terminated their sleeve sponsorships with blockchain company DigitalBits due to payment issues. Despite this, AC Milan’s partnership with BitMEX has proven to be stable and fruitful.
Football clubs and crypto platforms ink partnerships
Beyond Italy, cryptocurrency sponsorships have found their way into other prominent European soccer clubs. English club Manchester City, for instance, expanded its sponsorship agreement with cryptocurrency exchange OKX last month. Meanwhile, FC Barcelona, one of Spain’s giants, recently launched a limited-edition NFT art auction in collaboration with World of Women.
Furthermore, crypto fan token platform Socios has established partnerships with several teams across England’s Premier League, Spain’s La Liga, and Italy’s Serie A, exemplifying the growing synergy between sports and the cryptocurrency industry. The continued embrace of cryptocurrency sponsorships by prominent soccer clubs highlights the ever-evolving landscape of sports marketing and the digital age.
As the popularity of cryptocurrencies continues to grow, the sports industry is tapping into the potential benefits of these partnerships. Not only do they provide clubs with additional revenue streams, but they also offer fans unique opportunities to engage with their favorite teams through digital assets like NFTs and fan tokens. AC Milan’s extended partnership with BitMEX demonstrates the success and potential of collaboration between sports and cryptocurrency entities.
The joint focus on digital innovation, coupled with a commitment to supporting charitable initiatives, showcases the positive impact such partnerships can have on both the club and the broader community. As more soccer clubs and sports organizations explore the opportunities presented by cryptocurrencies, the relationship between sports and the digital world is set to further flourish in the years to come.
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