As the English Premier League (EPL) season kicks off, the US-based digital trading platform Uphold has entered into a sleeve sponsorship deal with Burnley FC. Uphold’s logo will appear on the left sleeves of Burnley’s shirts for the 2023-24 season, according to a statement published on the club's website.
This move reportedly positions the digital trading platform to gain substantial brand exposure through LED advertising boards surrounding Turf Moor, the club’s football stadium, as well as across Burnley’s social channels and media backdrops. The UK-based football club has more than 800,000 followers on X (formerly Twitter).
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— Burnley FC (@BurnleyOfficial) April 25, 2023
Based in New York, Uphold is a Web 3 trading platform serving over 10 million customers across 180 countries. The company offers cryptocurrency trading and digital assets debit cards. On the other hand, Burnley FC ranks among the football clubs with the most digital fans worldwide, according to Footgoal, with Manchester United topping the list with over 200 million fans.
Uphold Enters EPL Sleeve Sponsorship Landscape
Burnley FC’s partnership with Uphold is expected to secure financial stability for the club. Notably, Chelsea FC is the only club among the 20 Premier League teams that has not embraced sleeve sponsorship. The club ended its sponsorship partnership with CMW FX after the latter was raided by law enforcement agencies for suspected fraud.
Although the financial terms of the Burnely and Uphold partnership remain undisclosed, the entities expect the collaboration to go beyond mere logo placements, offering mutual benefits through increased brand visibility.
In the previous season, Burnley FC did not feature a sleeve sponsor, reportedly due to the nature of the inventory sales for second-tier Championship Clubs. However, this season, Burnley has signed two major sponsorships. Alongside Uphold, the club has partnered with the Asian sports betting and casino operator W88 as the front-of-shirt sponsor.
In June, Uphold announced its decision to terminate operations in Venezuela. This move is attributed to the challenges posed by adhering to US sanctions. According to the company, these challenges made the continuation of business in the country untenable.
Navigating Sanctions Complexity
Following its exit from Venezuela, London-based Uphold released a statement urging its Venezuelan customers to withdraw their funds from the platform. The company indicated that the trading service will remain operational until July 31, after which accounts will be subject to full restrictions starting September 30.
Uphold underwent a leadership transition earlier this year, with Simon McLoughlin taking over as CEO, succeeding JP Thieriot, who held the position since the company’s inception in 2013. Previously, McLoughlin was the President and COO.
McLoughlin said in an email sent to Finance Magnates: "We could not be more proud to stand beside Burnley FC as they march back into the Premier League. The Clarets embody grit and determination – climbing back up the ranks with 101 points accrued last season alongside a 22-game unbeaten run. Vincent Kompany at the helm adds another layer of excitement to this partnership."
In the midst of the prolonged legal dispute between Ripple and the SEC, Uphold disclosed in April that it never delisted XRP, highlighting its substantial holdings of the token, which totalled $1.04 billion. Besides that, Uphold released its proof of reserves report, revealing that it held fiat and digital assets in a slightly over-collateralized ratio.
Last year, Uphold introduced zero-fee Bitcoin trading for transactions using national currencies such as the US dollar and the euro. In a statement, the company stated that this initiative provides its customers with competitive pricing through its connectivity to 28 underlying exchanges.
This article was written by Jared Kirui at www.financemagnates.com.
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