Cryptocurrency exchange Kraken recently announced a new partnership with Spanish football club Atletico Madrid. Consequently, the exchange will become one of the club's official sponsors. The latest collaboration announced on Kraken's official X-page will become effective from the beginning of the 2024 season, making Kraken the club's official crypto partner.
We are excited to announce our partnership with @Atleti!
— Kraken Exchange (@krakenfx) July 10, 2024
Together, we are advancing crypto adoption both on and off the pitch. Starting from the 2024/25 season, our logo will proudly appear on the sleeves of Atletico Madrid's playing kits. ❤️ 🤍 pic.twitter.com/IJKiLhf5dl
New Partnership Details
Per reports, Kraken will serve as the Official sleeve partner for Atlético de Madrid's men's and women's football team kits. Hence, Kraken's logo will appear on Atletico Madrid's playing jersey sleeves for both teams.
Strategic Partnership Significance
Kraken’s partnership with Atletico Madrid is a strategic move that underscores the adoption and incorporation of Web3 in the sporting industry. Notably, the new partnership will likely present more opportunities for both parties and their supporters. For Kraken, it presents a potential platform to boost its user base and engagement by driving non-crypto football fans into the digital assets industry.
Therefore, the crypto community should anticipate significant growth for Kraken in the coming months. Meanwhile, while the move is innovative and a big win for both parties, the sought-after collaboration between a cryptocurrency and a sports team is not a novelty in both industries.
Exchange Collaborations In Sport
Earlier this year, BingX announced becoming the official sleeve partner for Chelsea's men's playing kits, marking its first venture into the sports and entertainment sector. Similarly, partnerships exist between Crypto.com and Paris Saint-Germain FC, Etoro and Everton, and OKX and Manchester City.
Other Developments
The cryptocurrency exchange is considering a final funding round in preparation for a prospective Initial Public Offering (IPO). Sources claim that the exchange hopes to raise $100 million in the new funding round. In the meantime, however, Kraken co-founder and CEO Jesse Powell recently donated $1 million in Ethereum to Donald Trump's campaign.