FTX’s Crypto Empire Grows With Washington Wizards Partnership
The cryptocurrency exchange FTX.US has turned heads yet again with another incredible partnership that is putting its name (as well as that of the world of cryptocurrencies) front and center in the sports world.
Led by CEO Sam Bankman-Fried, FTX’s latest sports endeavor is with the managing company behind NBA’s Washington Wizards. The deal positions FTX.US as the official crypto exchange of D.C.-based Monumental Sports and Entertainment (MSE) and its properties, as well as their exclusive non-fungible token (NFT) partner. MSE’s portfolio of properties include the NBA’s Washington Wizards, the NHL’s Washington Capitals, and the WNBA’s Washington Mystics, as well as where they all play: Capital One Arena.
The multi-year deal is a collaboration that works to broaden the collaborative innovation opportunities for both MSE and FTX as cryptocurrency’s popularity continues to surge. As the official NFT partner for MSE, the FTX.US NFT platform will hold exclusive rights to any NFT drops by any of the Monumental Sports teams.
Known as the “Steve Jobs of crypto,” this 29-year old visionary and crypto billionaire took the DeFi world by storm when he established the crypto derivatives exchange FTX in Hong Kong back in 2017. The young billionaire has since managed to put FTX at the forefront of crypto and sports partnerships, giving his crypto exchange an unbeatable audience of regulators, fans, and potential customers.
Commenting on the matter, Jim Van Stone, president of business operations and COO of MSE said, “The integration of blockchain technology with the sports experience has only just begun…“Together we are going to advance to an entirely new frontier which will ignite fans beyond what they can even imagine today.”
This is far from FTX’s first foray into the world of sports. Previously, the crypto exchange had announced that they would be sponsoring Major League Baseball (MLB), becoming the first cryptocurrency exchange to sponsor in professional US sports. As part of the deal, MLB umpire uniforms will have an FTX logo patch. Another marker of brand awareness and equity, FTX also bought 19-year naming rights to the home of the NBA’s Miami Heat for $135 million; it will now be known as the FTX Arena. Another noteworthy deal included fronting $210 million for a multi-year deal to change the name of U.S. eSports team TSM to TSM FTX.
It seems as though FTX’s interest in sports was contagious. Back in November, competing US crypto exchange Crypto.com coughed up $700 million on a 20-year stadium naming deal for Los Angeles’ Staple Center, the home of the NBA’s Lakers and Kings, and the NHL’s Kings. The 20,000 seat arena has been open for twenty-two years now and hosts approximately 250 events each year, with an annual average of 4 million guests passing through. By gaining naming rights for the next twenty years, the arena will serve as a constant ad for brand awareness for the crypto exchange platform. News of this also propelled Crypto.com’s native token CRO to be the world’s 13th largest cryptocurrency by market cap.
It is clear that the worlds of sports and cryptocurrency have only just begun colliding.
For more details on how FTX has been a trailblazer in the world of sports, check out the video below.
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