A young man has a dream of being in Major League Baseball (MLB). Only it’s not a young man… but a crypto exchange. The name is FTX — a two-year-old uber-successful platform built by traders for traders.
So, how has FTX’s success allowed it to garner cred with MLB?
Well, as the story goes 29-year old crypto billionaire Sam Bankman-Fried, co-founder and CEO at FTX, hit a home run on his Twitter account. It looked like a normal thread but the content was completely different. Sam, as the face of FTX, announced they would become an official sponsor for the MLB.
This was a huge piece of news, one that sets the stage for broader recognition of digital assets. But, this is not the first FTX that has made a move of this magnitude. Earlier this year they became the first cryptocurrency company to secure the naming rights to a pro sports stadium. They received a 19-year agreement with Miami-Dade County to name the Miami Heat’s home arena the FTX Arena.
Has Sports Gone FTX Crypto?
Many are asking why this deal is so important and how does it work? Well, the deal was closed so that FTX could use player highlights in its content. The partnership also will include FTX insignia patches on baseball umpire uniforms throughout the regular season, postseason, and spring training. And the biggest news ensuing from this deal is that it’s going to be a long-term partnership. As far as we can see, FTX is betting on making even bigger waves in the professional sports space.
There are many different reasons why this deal is important. First, it validates one of the ideas FTX had about their marketing spendings, namely that sport naming rights are a great tool in terms of ROI. And the better the return of investment is, the more you can spend on marketing, right?
Second, it gives FTX one of the greatest crypto opportunities ever in terms of getting its name known while attracting professional traders and new users who want to bet on them.
And third, it gives them more recognition as an influential exchange platform and worldwide leader.
Because FTX has been very forward-thinking with this move, one can only imagine what comes next for them. Not only are they achieving huge things but they are making history, base hits, dunk shots, and all.