The MLB league has signed a five-year agreement with FTX to be the official crypto exchange brand. Starting July 13, all umpire jerseys will be adorned with an FTX logo patch.
The agreement positions FTX as the baseball organization’s official bitcoin exchange brand.
The new effort seeks to raise FTX’s brand recognition and keep MLB’s brand innovative. As part of the agreement, FTX will have the ability to sell MLB logos all over the globe.
The partnership’s financial details were not revealed.
FTX’s Foray into the Sports Industry
This isn’t the first time Bankman-Fried has dabbled with sports. FTX acquired the naming rights to the NBA’s Miami Heat arena through 2040 under his guidance.
Furthermore, the exchange has been granted marketing rights across all MLB-related platforms, including physical games and social media.
Given the number of people who follow America’s second-most-popular sport, the relationship is substantial. According to CNBC, MLB.TV, the league’s official streaming service, has 1.3 billion minutes of use. In the first two weeks of this year’s season, ESPN’s Sunday coverage of the sport had an average audience of 1.58 million people.
MLB Players, Inc., the licensing company responsible for any goods that utilize the MLB name or its players, is said to have reached a deal with the exchange.
What is FTX?
FTX, a cryptocurrency futures market, launched on May 8, 2019. Binance purchased shares in the company in December 2019 and made a long-term investment in the platform’s FTX Token.
At the time of its December 2019 investment, Binance stated that FTX had an expected daily amount of roughly half a billion dollars in income for all of its products.
In August 2020, FTX acquired Blockfolio, a retail trading platform that allows customers to monitor the value of their bitcoin assets.
Around 60 “futures” contracts are sold by FTX, which may have a set expiration date or be perpetual. The contracts are all traded against a bitcoin or cryptocurrency measure in US dollars.
Binance made a significant investment in the FTX token in December 2019 and intends to maintain a long-term interest in the network.
FTX has acquired Blockfolio, a blockchain fund monitoring tool for institutional investors, effective August 2020.
This exchange offers approximately 60 distinct “Futures” contracts, the majority of which are short-term while some are long-term. As a benchmark, every contract utilizes a cryptocurrency or a cryptocurrency index.