Key takeaways:
- The FTX crypto exchange has been actively pursuing partnerships with sports organizations in an effort to increase the adoption of crypto among sports fans
- FTX.US VP of Bussiness Development Avinash Dabir said a deal with prominent D.C.-based sports teams will increase the exchange’s favor among the regulators
- The new deal comes less than a week after FTX.US penned a $10 million deal with NBA team Golden State Warriors
FTX US, the American arm of the international FTX crypto exchange, has agreed on a deal with Monumental Sports and Entertainment (MSE), the owner of several prominent sports franchises, including NBA’s Washington Wizards and NHL’s Washington Mystics.
A deal with D.C.-based sports teams will help FTX.US in its pursuit of greater regulatory clarity
FTX has made great strides throughout the year on its goal of making the exchange a household name in the United States. As a reminder, the exchange has signed a $135 million 19-year deal with NBA franchise Miami Heat, a $210 million naming rights agreement with gaming organization TSM, and the first crypto sponsorship deal of its sorts with Major League Baseball (MLB), to name just a few.
When speaking to CoinDesk, FTX.US VP of Business Development Avinash Dabir underlined the importance of having a presence in the nation’s capital to make sure that crypto regulation is “done properly”:
“FTX is very much focused on being, you know, the adult in the room, in terms of working with regulators and helping wherever we can to push the industry forward in the right way. To be able to have a presence in D.C. in this manner goes hand-in-hand with our desire to work with everyone involved to make sure crypto is done properly.”
The latest sponsorship deal involving multiple Washington sports teams comes less than a week after FTX.US penned a $10 million deal with professional basketball team Golden State Warriors, which made the US-based exchange the exclusive crypto and non-fungible tokens (NFTs) platform of one of the winningest clubs in NBA’s history.
FTX.US is far from being the only exchange spending big money on sports deals. Last month, Crypto.com acquired naming rights for the Los Angeles’ iconic Staples center from more than $700 million in a deal that will last 20 years. One of the most coveted sports venues in the world will be renamed to Crypto.com Arena on December 25.
