Atlético Madrid, of Spanish soccer’s top-tier LaLiga, have confirmed a long-term deal with Amber Group, the Singapore-based asset management corporation, as their main club sponsor from the start of the upcoming 2022-23 campaign.

Under a five-year agreement, Amber Group’s WhaleFin cryptocurrency asset division will serve as the team’s front-of-shirt sponsor.

The deal, which will run through 2026-27, is understood to be worth a total of nearly €200 million ($204 million).

WhaleFin replaces Plus500, the Israel-based online trading platform whose deal with the LaLiga side expired at the end of last season.

Plus500 has been the team’s main sponsor since 2017 and was paying between €15 million and €17 million annually. This new deal, therefore, represents a major financial boost for Atletico, and a tripling of that sponsorship value.

It puts Atletico's shirt sponsorship valuation closer to being on par with that of various other top-tier European soccer sides – although still coming up short of Spain's two other title-winning clubs of the last few decades, Barcelona and Real Madrid.

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Through the partnership, Amber Group will be the official global and main partner of Atlético, as well as the club’s exclusive official digital wealth and digital lifestyle partner.

Amber Group will additionally have exclusive rights to establish “Atletiverse”, a virtual island supported by Openverse, the company’s Web 3.0 enablement platform for creators, brands, and businesses.

Additionally, the Atlético Madrid Foundation will work closely with the Amber Group to implement sustainability-focused initiatives and corporate social responsibility (CSR) projects.

Together with Amber Group, WhaleFin will partner the club’s foundation to support public education campaigns around sustainability and conservation, and fund key initiatives and research projects in the region.

The deal with Atletico represents Amber Group’s second commercial agreement with a major European club after recently becoming the new sleeve sponsor of English Premier League giants Chelsea.

WhaleFin, founded in 2017, is licensed to operate across Europe, as well as in the US and Japan.

Miguel Ángel Gil, chief executive Atlético Madrid, said: "Today is a significant day for the future of Atlético de Madrid, as we join forces with a global leading company in the digital finance space.

“This partnership aligns with our desire to evolve digitally and being able to offer better, more superior digital experiences to our fans. We wholeheartedly believe that Amber Group is the perfect partner to achieve this."

Michael Wu, Amber Group chief executive, added: "This multi-year partnership is a monumental moment for Amber Group, and we are proud to be partnering with Atlético de Madrid.

“As we continue to work towards a more connected and inclusive global economy that promotes fair opportunity for all, we look forward to democratizing financial innovation and to creating opportunities for everyone to start on their digital asset journey."

Last month, Atletico renewed their sleeve sponsorship deal with Korean car maker Hyundai for another season.

US sportswear giant NIKE is the club’s kit supplier while their training kit partner, meanwhile, is Capital Energy, in a deal running through 2023-24.