Football Fan Tokens – CetoEX News Inform Trends & Happenings

OKX Signs $70 Million Sponsorship with Manchester City

Howdy — Sat, 01 Jul 2023 02:47:23 +0000

Cetoex News – Despite the concerns around similar action taken by a now bankrupt cryptocurrency exchange, FTX, the OKX exchange has signed a more than $70 million sponsorship deal with Manchester City. Moreover, the English Premier League and European football champions have opted to continue their partnership with the exchange.

Since last year, professional sports have been understandably weary about partnering with cryptocurrency firms. FTX had been engaged with a plethora of sports entities. From becoming the namesake of the NBA’s Miami Heat Arena to a league-wide partnership with Major League Baseball. Yet, the English football powerhouse has not been deterred from its crypto partnership.

OKX and Manchester City Ink Deal Despite FTX Concerns

The digital asset industry had not seen a controversy as large and prominent as the fall of FTX. Once looked at as a trusted name in the market, the exchange was uncovered as a rather comprehensive fraud scheme. Subsequently, the exchange had been involved with a host of different entities. Leaving a bitter taste on the tongues of many who had been harmed by the exchange’s antics.

Yet, that does not seem to hinder the decision of one of the UK’s most prominent football teams. Indeed, the OKX exchange has signed a more than $70 million sponsorship deal with Manchester City. Moreover, the deal happens after one of the most dominant seasons in team history, as the Sky Blues captured the history treble. Winning the English Premier League, the league’s FA Cup, and the European Champions League.

Source – Tech Times

Forbes initially reported the deal between the team and the exchange. Additionally, it notes that the OKX logo will be displayed on the sleeve of Man City’s on-field kits this upcoming season. It will also feature the same league on the team’s training kit.

Deal Saved by Proof of Reserves

Source: Coin Journal

In an interview with Coindesk, OKX Chief Marketing Officer Haider Raique discussed the impact FTX had on the deal. “Our partners definitely wanted to know if we would be in a similar situation to FTX,” Rafique stated. “Rather than answering those questions on an individual basis, we introduced them to our proof of reserves.”

Proof of Reserves is a verifiable data set that shows an exchange maintains the necessary liquid assets to support customer withdrawals. In a post-FTX world, it has become necessary to show good standing. For Manchester City, this was vital.

“They were being very critical of us, so passing their litmus test is a real validation for us,” Rafieuq remarked. Subsequently, the passing test has left OKX with an enviable partnership. Now accompanying one of the most successful brands in the currency football landscape

NEWS BY – CETOEX NEWS

What is Football Fan Tokens?

Howdy — Mon, 28 Nov 2022 02:26:55 +0000

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credit – bbntime.com

The World Cup football tournament has begun and fans all around the globe are vouching for their favorite teams to win. The World Cup happens once every four years and it is different every time. But what is different this time?

Well, the main difference this time is the influence of cryptocurrencies in the tournament. Cryptocurrencies, even though prevalent, didn’t have the influence that they do now. The adoption and viewpoint of nations about cryptocurrencies have drastically changed. To add to that, the World Cup 2022 is being sponsored by cryptocurrency exchange Crypto.com, which is a significant step in cementing the relationship between cryptocurrencies and sports.

Above all this, football fan tokens have popped up based on their favorite countries. Let’s take a look at them and see how the end of the match affects the price of the respective tokens.

credit – sportco.com

Football fan tokens and their nature of movement

The nature of football fan tokens and their movements have been broken down in a recent analysis by Lookonchain, an on-chain analyst. There are currently 15 football fan tokens that are launched on the basis of their connection with the respective countries that are a part of the World Cup.

At present, six countries, including Portugal, France, England, Spain, Brazil, and Argentina, have their own fan tokens. Lookonchain’s basic analysis reveals that when Argentina lost to Saudi Arabia by a score of 2:1, the Argentina fan tokens fell. The Argentine Football Association Fan Token dropped from $7.47 to $5.26, falling by almost 30%.

Most of these fan tokens are listed on prominent exchanges, including Binance, Gate.io, MEXC, OKX, DigiFinex, etc. However, a closer look at the movements of these tokens can help identify how the results of the matches sentimentally drive the price of the fan tokens higher or lower.

Football fan tokens
World Cup