Crypto Platform BingX Scores Chelsea FC Sleeve Sponsorship Deal  

Singapore headquartered cryptotrading platform BingX is poised to become the new sleeve sponsor of Premier League football club Chelsea, according to The Athletic.      

It is hoped that the new sleeve sponsorship arrangement with BingX—for the next six months— will be launched when Chelsea travel to face Middlesbrough in the Carabao Cup semi-final first leg on January 9.

Under the deal, BingX will move to the front of Chelsea training kits in the upcoming season (2024/25). Current shirt sponsor Infinite Athlete will also move into a training sleeve sponsorship arrangement from next season as the club scours for a front-of-shirt sponsorship deal, with discussions of a potential deal from Saudi national carrier Riyadh Air reported in the media last September. 

It is unsure what will happen to the football club’s training kit deal with online hotel booking site trivago, which was one of the rare brands loyal to the club despite UK government sanctions during the prior ownership of Roman Abramovich.    

Founded in 2018, BingX is a cryptocurrency exchange headquartered in Singapore, serving over 10 million users in Southeast Asia and North America.

According to ASN data, cryptocurrency platforms have invested almost US$105.6m in football sponsorship deals across Asia since Q221, making the sport the second largest sponsorship category (38.5%), just behind motorsports (46%).  As for Q124, our forecast tip an investment of almost US$12.3m, about 34.1% higher than the quarterly average spend of slightly above US$9.1m.