FTX will also sponsor a bonus prize of $100,000 in bitcoin for the cup, in addition to the $220,000 fund that the tour already has in place. The winner of the FTX Crypto Cup will be guaranteed a spot in the Final of the Tour in San Francisco in September. The FTX Crypto Cup is the final Major in this season's year-long Meltwater Champions Chess Tour.
FTX will also be a presenting partner of Play Magnus Group's coverage of the upcoming World Chess Championship in November 2021.
In a similar partnership last month, FTX became the official and exclusive crypto exchange partner of the basketball team Miami Heat. As part of that deal, Miami Heat's home stadium became FTX Arena.
When asked what the main objective of such partnerships is, FTX CEO Sam Bankman-Fried told The Block that the crypto exchange operator looks to attract non-crypto natives to its platform. "We're excited to partner with the best in lots of areas and to expand to a natural user base of ours," said Bankman-Fried.