FTX strikes sponsorship deal with Washington Wizards

Karthik Subramanian

FTX, one of the largest crypto exchanges in the US, has added on to its list of sports partnerships by tying up with Monumental Sports & Entertainment, which owns the Washington Wizards and NHL Capitals teams as it seeks to draw in mainstream users to its platform.


The exchange, with a huge amount of funds and a billionaire as its owner, has been on a sponsorship spree which started with its deal for naming rights to the Miami Heats stadium which was followed by the international naming rights for Golden State Warriors, both of which were multi-million dollar deals.

Improved FTX Branding

It also has many top sports superstars on its sponsorship roster apart from backing the e-sports team TSM as it realizes that e-sports are also growing in a very strong and quick manner and likely to emerge as competition to many of the real-world sports.

Apart from helping to improve the branding of FTX and bringing the exchange to the attention of mainstream users, what these deals also do is turn the attention of the large investor, hedge fund companies, power brokers, and legislators to the company which would be useful for it in the long run as it seeks to navigate through legislation and regulations as well. Crypto firms all around the world are under the radar of many regulators and the exchanges and other crypto businesses need to tread carefully to make sure that they don’t rub those in power the wrong way and get caught out, as Binance has done.

Crypto and Regulation

FTX is known to be one of the most compliant and regulated crypto exchanges in the world and it needs to be so if it wants to carry on its business within the US for the long term and place itself in a position of power when crypto moves mainstream. FTX and other crypto firms in the US have also been pushing for a crypto regulatory framework and a controlling body that would involve both the CFTC and the SEC rather than coming directly under the SEC alone, as that would bring in a lot of pressure on the crypto firms and tokens as well.

This spending spree from FTX is likely to be associated with the need to grow its clout and network among the higher echelons of power so that it would be able to get its voice heard as and when needed as the crypto industry and associated regulations reach a crucial phase.

Read this next

Institutional FX

FXSpotStream volumes hit 14-month high in November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2023, which moved higher on a monthly basis.

Digital Assets

Circle denies ties with Palestinian groups, TRON founder

Stablecoin issuer Circle has denied allegations that it facilitates funding for terrorist organizations.

Retail FX

CySEC hits operator of Titanedge, TradeEU with €90,000 fine

The Cyprus Securities and Exchange Commission (CySEC) announced that it has imposed a fine of €90,000 on Titanedge Securities Ltd due to shortcomings in their regulatory obligations.

Institutional FX

Cboe FX volumes retreats slightly in November 2023

Cboe’s institutional spot FX platform today announced its trading volume for the month ending November 2023, which took a step back after a strong rebound in October.

Institutional FX

Alpha Group seals Cobase majority acquisition

Foreign exchange service provider Alpha Group International plc (AIM: ALPH) has finalized its acquisition of Financial Transaction Services, operating as Cobase.

Digital Assets

TMNG Tokens Successfully Listed on MEXC Crypto Exchange

TMN Global proudly announces the successful listing of its native TMNG token on the MEXC crypto exchange, effective December 1st, 2023. This strategic partnership marks a significant milestone for TMN Global in the crypto space.

Institutional FX

Marex completes acquisition of TD Cowen’s PB business

London-headquartered commodities broker Marex has completed the acquisition of TD Cowen’s prime brokerage and outsourced trading business, which will be integrated into Marex’s capital market division. This division was established following the acquisition of ED&F Man Capital Markets in 2022.

Digital Assets

Talos introduces decentralized liquidity and onchain settlement with Uniswap and Fireblocks

“At the cornerstone of the DeFi ecosystem, Uniswap has the breadth of assets and depth of liquidity that institutional traders need. And to have this partnership powered by Fireblocks, a digital assets infrastructure provider trusted by some of the most renowned institutions, is very fitting.”

Digital Assets

FINMA-regulated crypto bank SEBA Bank rebrands to AMINA

“As we look forward to 2024, our ambition is to accelerate the growth of our strategic hubs in Switzerland, Hong Kong, and Abu Dhabi, and to continue our global expansion, building on all the successes we have laid down over the past years.”