FTX partners with MLB to become the first crypto exchange sponsor in professional sports

: Bryce Harper #3 of the Philadelphia Phillies watches as he hits a home run against the Washington Nationals during the second inning of a game at Citizens Bank Park on June 22, 2021 in Philadelphia, Pennsylvania.
Bryce Harper of the Philadelphia Phillies during a game on June 22, 2021.

FTX is partnering with Major League Baseball to become the first cryptocurrency exchange sponsor in professional sports.

The partnership establishes FTX as the official cryptocurrency exchange brand of the baseball organization.

The latest initiative aims to increase brand awareness for FTX and to continue brand innovation for MLB. As part of the contract, FTX will be able to exercise worldwide marketing rights associated with MLB logos.

“It’s an honor for FTX to be the first cryptocurrency exchange to be associated with the history and tradition of America’s national pastime,” Sam Bankman-Fried, FTX founder and CEO, said in a statement Wednesday.

The financial terms of the partnership were not disclosed.

In addition, FTX.US, a US-regulated cryptocurrency exchange, will become MLB’s first-ever umpire uniform patch partner starting on July 13.

This isn’t the first time 29-year-old Bankman-Fried dipped his toe into sports.

Under his leadership, Blockfolio, the cryptocurrency app that FTX acquired in 2020, won naming rights to the NBA’s Miami Heat arena until 2040.

The $135-million deal, inked earlier this year, overtook American Airlines as the leading sponsor for the Florida sports team.

Read the original article on Business Insider