Circle has announced a deal to become Chelsea's main shirt sponsor, putting a crypto financial services brand in the Premier League's primary sponsorship position for the first time. According to ChainCatcher, financial terms were not disclosed, though reports earlier in the year indicated Chelsea had set a target price of £65 million (about $88.3 million) per season for the spot. Chelsea will debut the USDC-branded kit on Sunday at home against Brighton. Crypto exchanges OKX and Kraken previously served as sleeve sponsors for Manchester City and Tottenham Hotspur respectively, but the main shirt slot had never been occupied by a crypto company until now. In June, the UK's Financial Conduct Authority warned Premier League clubs that partnering with unauthorized crypto firms could breach financial promotion rules. Circle obtained FCA authorization through an e-money license granted in 2016, and that regulatory authorization cleared the way for the partnership to be finalized.
Circle, the issuer of the USDC stablecoin, has become the new main shirt sponsor of Premier League club Chelsea — the first time a crypto financial services brand has taken the primary sponsorship position at a Premier League club.
Deal value not disclosed
Financial terms were not disclosed. Reports earlier in the year, however, indicated Chelsea had set a target price of £65 million (about $88.3 million) per year for the sponsorship slot.
First USDC-branded kit on Sunday
Chelsea will wear the new USDC-branded kit for the first time on Sunday when the club hosts Brighton at home. Crypto exchanges OKX and Kraken previously served as sleeve sponsors for Manchester City and Tottenham Hotspur respectively, but the main sponsorship position had never been occupied by a crypto company before.
FCA authorization cleared the way
In June, the UK Financial Conduct Authority (FCA) warned Premier League clubs that working with unauthorized crypto companies could violate financial promotion rules. Circle, however, secured FCA authorization through an e-money license obtained in 2016, which enabled the partnership to move forward.
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