FTX Signs Major League Baseball Sponsor Pact

Cryptocurrency derivatives platform FTX said Wednesday it’s partnering with Major League Baseball as a sponsor and the organization’s official crypto-exchange brand.

The company says the partnership is the first-ever between a major U.S. professional sports league and a cryptocurrency exchange, with more details to come later in the year.

“One of FTX’s goals is to get our name out there; we think we have a best-in-class product and user experience, and are ready to share that with the world. There are few partners that can help like MLB,” said Sam Bankman-Fried, founder and chief executive officer of FTX. He added that the company is, through all its initiatives, looking to make a positive impact. “This partnerships is no different, and we are working on a bunch of initiatives to give back to the world.”

An FTX logo patch will become part of umpire uniforms for regular season, postseason, spring training and other special games starting in mid-July. FTX.US, an exchange that’s owned and operated by West Realm Shires Services, also attained group player rights, which will allow it to use player highlights in content creation. The announcement doesn’t mention plans to turn MLB content into NFTs as part of the new partnership.

“This is an incredibly exciting announcement for everyone in Major League Baseball as we partner with a global leader in the early stages of their unbelievable growth,” MLB Chief Revenue Officer Noah Garden said in a press release. “Our fans have been early adopters in using new technologies to engage with our game.”

The partnership isn’t FTX’s first foray into the world of sports. The Miami Heat’s National Basketball Association stadium officially became FTXArena recently, the first NBA stadium deal from a crypto firm. And other crypto companies and influential power brokers have taken similar steps. The Pittsburgh Pirates recently partnered with Gabor Gurbacs, a crypto-industry veteran, to launch a rewards platform, seeking to capitalize on the demand for more digital-focused experiences. In May, Crypto.com and Italian soccer league Lega Serie A announced an agreement.

©2021 Bloomberg L.P.

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