The cryptocurrency exchange BitMex has established its status as the preferred partner of the Italian soccer team AC Milan by renewing and extending their partnership. BitMEX, previously the first shirt sleeve sponsor in 2021, now holds titles of premium and official cryptocurrency trading partner.
BitMEX’s logo appeared on gameday sleeves of AC Milan’s men’s and women’s team uniforms since their collaboration began. AC Milan partnered with design firm Fansea to release the NFT collection, supported by BitMEX’s ongoing backing of the team. For approximately €45 (roughly $50), fans could purchase an NFT with a 3D image of Milan’s jersey. Proceeds from the NFT sales benefited AC Milan’s charitable organization, Fondazione Milan, supporting causes like humanitarian crises in Ukraine and UNICEF in South Sudan.
Casper Stylsvig, AC Milan’s chief revenue officer, expressed delight in continuing the collaboration with BitMEX. He emphasized shared dedication to digital transformation and innovation for team expansion. He also emphasized the partnership’s crucial contribution to the many charity programs run by Fondazione Milan.
Earlier reports mentioned BitMEX’s annual sponsorship payment of €5 million ($5.6 million) to AC Milan. Financial details of the renewed agreement remain undisclosed. The cryptocurrency sector’s interest in supporting Italian soccer grows. Juventus will join Bitget in 2021.
However, not all sponsorships in the cryptocurrency industry have fared well in the face of market swings. The blockchain business DigitalBits formerly sponsored the sleeves of Italian clubs AS Roma and Inter Milan, however, both sponsorships were discontinued this year after the company failed to pay the clubs.
Despite these incidents, cryptocurrency sponsorships in European soccer are still very popular. Spanish FC Barcelona partnered with World of Women for a limited-edition NFT art auction. Cryptocurrency exchange OKX raised its sponsorship of Manchester City. Socios, the cryptocurrency fan token platform, has alliances in Serie A, La Liga, and the Premier League.
Partnerships between the Bitcoin business and sports teams are anticipated to expand as the cryptocurrency market develops and receives more mainstream attention. The continued partnership between BitMEX and AC Milan highlights the growing acceptance of cryptocurrencies in the world of sports sponsorship and the beneficial effects these alliances can have on philanthropic endeavors.