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.

ftx

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

Retail FX

AvaTrade seals sponsorship deal with F1’s Aston Martin team

Dublin-based forex broker AvaTrade today announced that it has concluded a sponsorship deal with Formula One’s Aston Martin Cognizant team that entails sponsorship rights and other marketing benefits.

Executive Moves

M4Markets onboards Invaxa CEO Marios Antoniou as COO

Seychelles-regulated brokerage firm M4Markets has appointed Marios Antoniou, who has a colorful career within the foreign exchange industry, in the capacity of its Chief Operations Officer.

Digital Assets

GK8 now allows clients to control their digital assets as they would their fiat

“As the institutional market is increasingly turning to self custody, our policy engine empowers them to automate transactions, approvals, and even crucial workflows, while providing the highest degree of security, consistency, governance and control.”

Digital Assets

Retail CBDCs in the UK: “Welcomed” by CryptoUK and R3, but “Dystopian” for ETC Group

“At this stage, we judge it likely that the digital pound will be needed in the future. It is too early to decide whether to introduce the digital pound, but we are convinced preparatory work is justified”, said the BoE and HM Treasury.

Institutional FX

Centroid taps Iress API to provide retail brokers with real-time market data

“It has always been a challenge to have an efficient, elegant solution for market data and order execution for retail brokers, but with Iress we have found absolutely the right partner to add to our client offering.”

Digital Assets

Ramp launches FCA-approved off-ramp product, onboards Brave, Trust Wallet, Ledger

“To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”

Institutional FX

State Street launches FIX API for Fund Connect ETF platform

“Expanding from proprietary APIs to the FIX industry standard will bring us closer to our goal of 100% digital interactions. This is another example of innovations we’ve brought to our operating model as we celebrate 30 years of servicing ETFs since the launch of SPY.”

Industry News

HollyWally opens office in Portugal to bring B2B2C wallet-as-a-service platform to Europe

“We looked at a number of centers for startups throughout Europe and were attracted straight away to Lisbon. There is great Government support and enthusiasm for startups, it’s well positioned between our Asian and US offices, it’s a cost-effective city in which to base a fintech and it’s a beautiful place.”

Retail FX

Eightcap integrates Acuity’s economic calendar for trade ideas on MT4 or MT5

“By incorporating Acuity’s cutting-edge AI technology into our platform, we are able to offer our clients a powerful new tool that will help them stay ahead of the markets. We are committed to providing an extensive range of tools and educational resources that will enhance our clients’ trading experience and allow them to trade smarter.”

<