Asset formula

A match in the world of virtual assets

With the expansion of the cryptocurrency world, crypto businesses are increasingly looking to maximize space with various offerings in various industries. The sports sector is one sector that is attracting growing interest in crypto investments. In fact, it won’t be wrong to say that 2021 was the breakout year for non-fungible tokens; the year also saw an increase in sports deals and sponsorship across a variety of sports.

According to a report by sports analytics firm Nielsen Sports, in 2021 crypto deals with sports teams grew by more than 100% and by 2026, sports sponsorships are expected to reach US$5 billion. Be it football, Formula 1, baseball, etc., they have seen multi-million dollar investments in the form of fan tokens or NFTs.

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Football is a sport that has perhaps seen maximum investment, with the majority of clubs boasting of shirt sponsorship deals, fan tokens, NFTs, and more. Top European teams such as Paris Saint-Germain FC, Manchester City, Manchester United, AC Milan, FC Porto, etc., all struck great deals and launched their exclusive Fan Tokens to entice fans .

On May 11, another crypto firm signed a deal with English Premier League giants Chelsea FC. WhaleFin, a crypto trading and lending platform, has agreed to sponsor the London club from next season.

What would the WhaleFin crypto deal entail?

The WhaleFin deal is set to be the shirt sponsor of Chelsea Football Club. The £20million-a-year deal will now come into effect for the Blues after US billionaire Todd Boehly and his consortium sign a deal to buy the club. With this agreement, WhaleFin replaced Hyundai as shirt sponsor.

WhaleFin is basically a digital asset platform owned by Singapore-based Amber Group and is known for its sports investments. Major shareholders of Amber include Singaporean investment group Temasek, Sequoia China, Coinbase Ventures, and more.

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The move will also mark Chelsea’s debut in the cryptocurrency space. The move comes just weeks after fellow London club Liverpool reportedly reached a deal with another crypto firm to replace Standard Chartered as their main shirt sponsor.

Conclusion

The inclusion of WhaleFin adds to the long list of crypto firms lining up to maximize their positions through its offerings. At the same time, it’s a win-win proposition for them and especially Chelsea given their former owner Roman Abramovich has been placed under sanctions following the Russia-Ukraine crisis. The development had put pressure on the Blues to generate commercial revenue, and this deal, with new American owners, should ease some of that pressure.

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