Manchester City signs a multimillion-dollar deal with OKX, a cryptocurrency exchange

Manchester City is investing heavily in the cryptocurrency mania.

Manchester City getting into crypto
Manchester City Metaverse

The reigning Premier League champions named OKX as its official bitcoin exchange partner in a multi-year partnership revealed on Friday.

The arrangement will cover Manchester City's men's and women's teams, as well as its esports operations, and will be OKX's first step into the sports world.

It will involve a presence inside both Manchester City stadiums, the Etihad Stadium (55,000 seats) and the Academy Stadium (7,000 seats), as well as participation on future projects.

Financial terms were not released, but a source tells Forbes that the club's annual arrangement with the club, which is valued at $4 billion and is the world's sixth-most expensive soccer team, is in the multimillion-dollar range.

It's the latest in a long line of cryptocurrency endorsements pouring money into sports as the industry tries to gain traction with mainstream viewers.

Last year, FTX agreed to a $135 million, 19-year naming rights agreement with the Miami Heat, while spent more than $700 million to replace the Staples Center brand for the next 20 years, as well as an eight-figure contract for the Philadelphia 76ers' jersey patch.