FTX’s recent collaboration with Shark Tank investors Kevin O’Leary will help it to expand its brand presence among institutional investors.
On Tuesday, August 10, crypto trading platform FTX entered a multi-year deal with Shark Tank investors Kevin O’Leary. This long-term relationship means O’Leary will have an equity stake in FTX Trading Ltd.
Besides, the entrepreneur will also have a stake in West Realm Shires who are the operators and owners of FTX.COM and FTX.US. Thus, as part of this deal, Mr. O’Leary will serve as the spokesperson for the FTX brand.
Furthermore, he will be instrumental in elevating FTX and other associated brands to new audiences. The Shark Tank investors will also be a part of several different initiatives by the brand. Interestingly, O’Leary has asked the payment for the compensation of his services in crypto. All of his payments will happen on the FTX exchange itself. Commenting on the development, Kevin O’Leary said:
“Institutional investors struggle with the decision to invest in crypto assets. Not because they don’t want to, but because they have difficulty in knowing with certainty that they will be 100% compliant with regulators and reporting requirements. I am no different. I want to increase my crypto exposure but also serve my compliance mandates. When it comes to rapidly changing compliance and tax reporting requirements, the current cryptocurrency ecosystem is fraught with risks that I can not take.”
“It has some of the best crypto exchange offerings I’ve seen on the market. FTX leverages best-in-class tech to provide a quality trading experience with low fees for both professional and retail investors alike, while at the same time providing the reporting platform that serves both internal and regulatory compliance requirements,” added he.
FTX on Rapid Expansion
Last month, FTX announced a whopping $900 million fundraise, one of the largest in the history of the crypto market. Sam Bankman-Fried, Founder and CEO of FTX noted that the company will use these funds for global expansion. Interestingly, the CEO also expressed the desire to acquire Wall Street giant Goldman Sachs in the future.
Since then FTX has been quick to undertake several initiatives. After acquiring the Blockfolio crypto trading app last year, FTX rebranded it a few weeks back. This comes as part of the company’s goals to integrate the trading platforms through FTX.COM and FTX.US.
Besides, the crypto trading platform has also shown a desire to join the booming NFT sports and entertainment market. As a result, it has inked a deal with some of the other popular sports series like the League of Legends.
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