Asian Crypto Exchange BingX Becomes Chelsea Sponsor

LONDON – English Premier League (EPL) giants Chelsea FC have become the latest top-tier football club to embrace cryptocurrency branding, signing a sleeve sponsorship agreement with Asian crypto exchange BingX until the end of the 2023-24 season.

BingX logos will feature on Chelsea’s playing shirts following the undisclosed value deal announced Friday. Talks are also underway for a front-of-shirt BingX training kit partnership next year as crypto money increasingly permeates football finance.

Founded in 2018 and claiming over 10 million users, BingX has visibility among Chelsea’s global fanbase to expand its market share. Meanwhile, the London team continues vigorously monetizing its commercial assets.

Chelsea currently displays “Infinite Athlete” principal shirt branding. But with that lapsing in June, the club is actively courting new sponsors – including in crypto which Manchester United and City adopted last year.

The BingX agreement extends Chelsea’s growing ties with forex and trading providers to diversify revenue. Shirt sleeve sponsorship rights were sold to online broker WhaleFin in mid-2022.

Last year Chelsea also signed a broad Asian partnership with trading platform TMGM, notably becoming their football debut. That deal sees TMGM gain exclusive local content and fan engagement, seeking to cement market leadership against rivals.

Cryptocurrencies remain divisive in finance given their volatility and vulnerability. Yet sports partnerships offer prestige and mainstream introduction money can’t always buy directly, as giants like the NBA and Formula One have also concluded in tagging basketball courts and Grand Prix tracks with crypto.com arena branding.

Read also! Italian Football Club AC Milan Extends BitMEX Partnership

How regulatory headwinds around tokens evolve long-term poses risks to the controversial sector. For now, BingX, TMGM, and others are aggressively targeting fans via sports as their next growth gateway.