Major League Baseball has announced its first sponsorship with a cryptocurrency exchange, FTX. The new partnership will last for a long time and will include uniform patches for umpires.
FTX to be the first-ever umpire patch partner
The partnership was announced in a press release Wednesday morning and also explained that FTX has signed an agreement with MLB Players Inc., a subsidiary of the Major League Baseball Players Association, to use player highlights in its own content creation.
Another special feature of the deal is that as the first-ever umpire patch partner, FTX will feature on the uniforms of MLB umpires, beginning with the MLB all-star game scheduled for July 13. The partnership will allow them to make use of worldwide marketing rights associated with MLB logos. Essentially, FTX will feature sponsored content across all MLB platforms in the future.
FTX CEO Sam Bankman-Fried commented on the partnership, saying “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.”
Is FTX going after Coinbase’s market share?
The Miami based exchange partnered with the Miami Heat earlier this year, which resulted in the Miami Heat’s stadium being renamed to FTX Arena. On Jun 4 they also announced a $210 Million deal with e-sport team TSM. The deal included the exclusive naming rights for TSM, which is now known as TSM FTX.
It seems like FTX is planning to become a mainstream exchange and is going after Coinbase’s market share by partnering with U.S. sport leagues and teams promoting FTX US. More partnerships between crypto-related companies and sports teams could also help to push more crypto adoption. A number of sport teams already accept cryptocurrency for tickets and other products at their venues and the staff working at the Sacramento Kings is already able to get paid in Bitcoin.