• According to FTX’s CEO, sports partnerships can help increase brand recognition

  • FTX, one of the world’s leading exchange platforms, has been a quick investor in sports partnerships. The exchange recently purchased an advertising campaign during the Super Bowl, which has a viewership of over 90 million people.

    Sam Bankman-Fried, the CEO of FTX, has now stated that these collaborations were made to promote the exchange’s brand.

    FTX is pushing for sports advertisements.

    According to Bankman-Fried, the exchange was “falling behind” in terms of user adoption and name-brand recognition. As a result, these advertisements would assist in bringing FTX in front of a larger audience.

    FTX’s CEO also stated that the exchange would continue to pursue sports partnerships. He also stated that these ads are aimed at those who are already involved in the cryptocurrency space or those who are considering getting involved. He also mentioned that the ads could target those who aren’t yet in the crypto space by starting a conversation about it.

    Bankman-Fried also stated that while sports partnerships can be costly, FTX was “fortunate” to be able to afford them and target a new clientele base of sporting fans. He claimed that even though FTX was spending a lot of money on these partnerships, it would still make money. He also stated that these collaborations were worthwhile because they would help FTX’s brand.

    FTX is a significant investor in sports partnerships.

    FTX is one of the exchanges that is distinguishing itself by investing more in sports partnerships. As previously stated, the exchange purchased an advertisement slot during the Super Bowl. Bankman-Fried stated when announcing this collaboration,

    There is no bigger or more mainstream event to convey such a message than the Super Bowl.

    FTX purchased the naming rights to the California Memorial Stadium, which serves as the home arena for the California Golden Bears, in August. The exchange paid $17.5 million for the 10-year agreement. Since then, the stadium has been renamed FTX Field at California Memorial Stadium.

    FTX was also the first cryptocurrency exchange platform to sponsor a professional sports league, specifically Major League Baseball (MLB). According to the terms of the agreement, FTX will be the official cryptocurrency exchange of the baseball league, and its logo will appear on the player uniforms.

    What's your reaction?