FTX, one of the leading brands in the cryptocurrency market, recently announced a long-term partnership with Kevin O’Leary, a venture capitalist and Shark Tank investor.
According to an official announcement by FTX, O’Leary will be paid in cryptocurrency to serve as an ambassador and spokesperson for FTX. As part of the partnership, the Shark Tank investor will take an equity stake in both FTX Trading Ltd. & West Realm Shires Services.
The latest announcement from FTX came nearly two weeks after the cryptocurrency firm reported a significant jump in trading volumes during the first half of 2021. The company’s average daily volume touched the high of approximately $993 million during a 24-hour period on 22 April 2021.
FTX outlined that O’Leary will be responsible for elevating FTX and its associated brands to new international markets through a wide range of initiatives as part of the latest long-term relationship.
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Commenting on the partnership, Sam Bankman-Fried, Founder and CEO of FTX, said: “It’s exciting to have a true icon in our corner, and we’re thrilled to have a partner like Kevin that shares our views on the importance of compliance. As we continue growing, we’ll need dedicated, knowledgeable and trustworthy partners like Mr Wonderful.”
In July 2021, FTX raised $900 million in a Series B funding round to expand its global presence. Additionally, the company received a valuation of $18 billion.
The Canadian businessman has a strong presence in the global financial markets. Through the signing of a multi-year deal with FTX, O’Leary is planning to work with the exchange to expand its global reach.
“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. To find crypto investment opportunities that met my own rigorous standards of compliance, I entered into this relationship with FTX. It has some of the best crypto exchange offerings I’ve seen on the market,” O’Leary commented.