Crypto Exchange FTX US Partners With US Sports Teams to Enable Trading, NFT Activities

Sports brands such as NBA, IPL, and Cricket T20 World Cup have also recently joined hands with crypto platforms.

By Radhika Parashar | Updated: 21 December 2021 14:16 IST

Crypto Exchange FTX US Partners With US Sports Teams to Enable Trading, NFT Activities

Photo Credit: Facebook/ Washington Wizards

Washington Wizards is one of the teams partnering with FTX US

Highlights

Details on timeline and capital investment remain undisclosed
FTX US will have exclusive rights to sell sports NFTs
FTX US aims to grow crypto awareness with new deal

In a multi-year deal, crypto exchange FTX US has been chosen as the official crypto partner of Washington, DC-based Monumental Sports and Entertainment (MSE). The deal will allow sports enthusiasts to engage in crypto activities and purchase official non-fungible tokens (NFTs) related to their favourite sports. The teams supported in this deal are the Washington Capitals hockey team, the Washington Wizards men's basketball team, the Washington Mystics women's basketball team, and the Capital City Go-Go basketball team.

“The integration of blockchain technology with the sports experience has only just begun, and together we are going to advance to an entirely new frontier which will ignite fans beyond what they can even imagine today,” Jim Van Stone, President, Business Operations and Chief Commercial Officer, MSE, said in a statement.

The FTX US platform will now have exclusive rights to sell off digital collectibles or NFTs via its marketplace. The exchange will also serve as partner for the “Big Block-Chain,” which is MSE's in-game highlight series.

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“One of our key goals is to continue growing the awareness of digital assets. We are excited to bring the world of crypto to Washington, DC sports fans,” said Avi Dabir, Vice President of Business Development, FTX US, which currently has a valuation of over $25 billion (roughly Rs. 1,88,562 crore).

In recent times, support for cryptocurrency from the sports sector has become a raging trend.

Earlier this year, crypto ads flooded the television and social media during popular international cricket tournaments such as T20 World Cup and the Indian Premiere League (IPL).

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Crypto, Cricket and Crores! #Crypto cashes in on the T20 World Cup with soaring ad spends. #CryptoNews #Cryptocurrency #T20WorldCup pic.twitter.com/iAXnXTctBn
— ???????????????????????? ???????????????????????????? (@twitt_chauhan) November 17, 2021

A #crypto exchange throwing an advertisement in IPL (cricket) in India :sunglasses: pic.twitter.com/jpzsqfLBV9
— ilLusive sAm (@sAm4ol) April 9, 2021

Earlier in September, billionaire entrepreneur Mark Cuban's NBA team Dallas Mavericks became the first NBA team to accept meme-based Dogecoin as payment option.

Coming soon to https://t.co/VUydpLFzGh a summer merch sale with special pricing for those who pay with @dogecoin !!! :rocket::rocket::rocket:
— Mark Cuban (@mcuban) August 13, 2021

Later, NBA also signed a multi-year deal with American exchange Coinbase for crypto related projects.

This year, the California-based NBA team Sacramento Kings also created history by offering salaries to players in Bitcoins, which is world's most valued cryptocurrency.

Sports stars like NBA's Shaquille O'Neal have also entered the NFT space by releasing series of his digital collectibles on crypto platform Ethernity Chain.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: Cryptocurrency, NFT, FTX US, Washington Capitals, Washington Wizards, Washington Mystics, Capital City Go Go

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More