FTX.US Scores Deal With Owner of Washington Wizards, Capitals in Bid to Expand DC Presence
The crypto exchange hopes to become more visible among regulators with its latest sports partnership.
Dec 20, 2021 at 12:45 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/5PRUGCXGCNCBHH4ZBXSXEBT7VQ.jpeg)
Spencer Dinwiddie of the Washington Wizards handles the ball against the Memphis Grizzlies at Capital One Arena on Nov. 5, 2021 in Washington, D.C. (Photo by G Fiume/Getty Images)
Crypto exchange FTX.US has inked a deal with Washington, D.C.-based Monumental Sports and Entertainment (MSE) in its latest sports marketing partnership, the company announced Monday.
Among MSE’s properties are the Washington Wizards of the NBA, the Washington Capitals of the NHL, the Washington Mystics of the WNBA and Capital One Arena, where all three teams play.
The deal makes FTX.US the official crypto exchange of MSE and its properties, as well as their exclusive non-fungible token (NFT) partner. Terms of the deal were not disclosed.
“FTX is very much focused on being, you know, the adult in the room, in terms of working with regulators and helping wherever we can to push the industry forward in the right way,” FTX.US Vice President of Business Development Avinash Dabir told CoinDesk in an interview. “To be able to have a presence in D.C. in this manner goes hand-in-hand with our desire to work with everyone involved to make sure crypto is done properly.”
The deal with MSE comes fast on the heels of a global sponsorship deal FTX.US signed with the NBA’s Golden State Warriors for a reported $10 million.
Other major deals inked by FTX and FTX.US in the past year include the naming rights to the arena of the NBA’s Miami Heat and partial naming rights to University of California, Berkeley’s football stadium; logo patches on the uniforms of MLB umpires; and a star-studded lineup of ambassadors including Tom Brady, Stephen Curry and Shohei Ohtani.
FTX is far from the only crypto exchange pouring millions of dollars into sports marketing partnerships.
Crypto.com spent a reported $700 million to acquire the naming rights to Los Angeles’ iconic Staples Center in November. And Coinbase recently signed a multi-year ambassador deal with Kevin Durant and his media company Boardroom for an undisclosed amount.
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Eli was a news reporter for CoinDesk. He holds ETH, SOL and AVAX.
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