FTX, one of the leading exchange platforms globally, has been an agile investor in sports partnerships. The exchange recently bought an advertising campaign during the Super Bowl, which attracts an audience of over 90 million.
The CEO of FTX, Sam Bankman-Fried, has now stated that these partnerships have been done to promote the exchange’s brand.
FTX pushing for sports ads
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During an interview with CNBC, Bankman-Fried stated that the exchange was “coming behind” in user adoption and name-brand recognition. Therefore, these ads would help bring FTX in front of a larger crowd.
The CEO of FTX also stated that the exchange would continue pushing for sports partnerships. He also stated that these ads target those already in the cryptocurrency space or those thinking of getting into this space. He also mentioned that the ads could target those not yet in this space by creating a conversation surrounding crypto.
Bankman-Fried also stated that while sports partnerships could be expensive, FTX was “fortunate” to afford it and target a new clientele base of sporting fans. He stated that while FTX was spending a sizable amount on these partnerships, it would still record profits. He also stated that these partnerships were worth it because they would push FTX’s brand.
FTX as a heavy investor in sports partnerships
FTX is one of the exchanges setting itself apart by investing more into sports partnerships. As aforementioned, the exchange bought an advertisement slot during the Super Bowl. When announcing this partnership, Bankman-Fried stated,
There is no bigger, more mainstream event to share a message like that than the Super Bowl.
In August, FTX bought the naming rights of the California Memorial Stadium, which is the home arena for the California Golden Bears. The 10-year deal cost the exchange $17.5 million. The stadium has since been renamed the FTX Field at California Memorial Stadium.
FTX also became the first cryptocurrency exchange platform to sponsor a professional sports league, namely the Major League Baseball (MLB). Under this deal, FTX will be the official cryptocurrency exchange of the baseball league, and its logo will feature on the player uniforms.
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