Chelsea FC is partnering up with digital asset investment platform WhaleFin under a shirt sponsorship agreement for the next season, only days after the UK seized the club from sanctioned Russian tycoon Roman Abramovich and a group of investors paid GBP 2.5 billion (USD 3.1 billion) for his shares.
According to Sky News, the arrangement, worth around GBP 20 million (USD 24 million) each year, will allow the Blues to make their first step into the crypto world.
“As Amber Group continues to expand their platform’s global coverage, they will now have the ability to not only speak to the hundreds of millions of loyal Chelsea fans around the world but also to be seen by the billions who tune in to the Premier League each season,” said Guy Laurence, Chelsea FC Chief Executive, in a statement.
Meanwhile, WhaleFin, a Singapore-based company, is trying to expand its sponsorship roster with additional big football organizations. According to the industry website Inside World Football, the platform is in discussions with Atletico Madrid to clinch a five-year EUR 40 million (USD 42 million) agreement, which would be more than twice what the Spanish club is paid by its current shirt sponsor, online trading platform Plus500.
The newest developments come as Amber Group prepares for a fresh round of fundraising that may value the company at about USD 10 billion, according to unnamed people close to the negotiations. Amber Consortium’s series B+ round raised USD 200 million from a group of investors led by Singapore’s state-owned holding corporation Temasek in February. According to the firm’s estimates, the February round increased Amber Group’s worth to almost USD 3 billion.
Amber Group claims that its platform has processed more than USD 1 trillion in trade volume, with over 150 countries serviced and over 1,000 institutional clients using its services.
Meanwhile, according to reports, Binance CEO Changpeng Zhao has contemplated purchasing Chelsea but has ruled it out.