January 22, 2022

Cryptocurrency Exchange FTX.US Teams Up With University Of Kentucky Wildcats

FTX.US (an exchange of cryptocurrency has declared the latest collaboration with Wildcats (the basketball team from the University of Kentucky). The contract determines to pay a stipend monthly in USD through the debit cards of FTX.

The Wildcats’ and FTX partnership

The Kentucky Wildcats will presently be capable of monetizing the NIL (name, image, and likenesses) thereof via a unique collaboration with FTX.US (the U.S.-based branch of the FTX exchange). The role of the athletes will be that of brand ambassadors for the exchange as it is included in the agreement of sponsorship. There has been an unending debate in the United States over the students-athletes right to earn profit out of their NIL. In the earlier period of the present year, the student-athletes have been voted by NCAA to be permitted to earn profit from out of the respective NIL thereof, drawing back from the policy having been applied for decades, though just in a single wake of a fresh ruling by the Supreme Court of the United States to successfully compel it for doing that way.

The players will get paid a stipend monthly in USD through the custom debit cards of FTX. The exchange will also permit the respective players to make money via developing NFTs (non-fungible tokens) on its marketplace of collectibles. The service was initiated during October having assistance from NFTs based on the Solana blockchain. The player athletes will play as the brand ambassadors for the exchange FTX as is noted in the sponsorship deal. The FTX.US’ vice president for business development, Avi Dabir, stated that the firm is enthusiastic to develop a bonding with the players included in one of the highly effective basketball programs at the college level throughout the country, as well as the respective players will be facilitated to learn regarding cryptocurrency.

Many sports collaborations

FTX counts to be in the five biggest crypto exchanges as per the operation. During the last 24 hours, a trading volume of up to $3.7B has been seen by it on the spot exchange thereof, and $16.2B was witnessed in the derivatives exchange. Up to $350M has been spent by the exchange on the partnerships related to sports. Recently, it acquired naming rights over Miami’s former arena of American Airlines and a University of California-based football field. The exchange has additionally partnered with TSM (an e-sports league) and MLB during the last months.