Kevin O’Leary, investor and co-host of Shark Tank, announced yesterday his new partnership with the powerhouse crypto exchange FTX.
In the announcement, O’Leary and FTX stated they’re in for a long-term investment and spokesperson relationship. It will center around equity stake in both FTX Trading Ltd. and West Realm Shires Services Inc., as well as O’Leary acting as an ambassador for the exchange.
The ambassadorship is a multi-year deal in which the investor will promote FTX and its accompanying brands to his international audience. For his services as an ambassador, O’Leary will be paid in crypto which will be managed by FTX.
After the news broke, O’Leary commented that his role with FTX was brought on by his initial doubts about crypto investments.
“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. To find crypto investment opportunities that met my own rigorous standards of compliance, I entered into this relationship with FTX.”
He went to praise the exchange offers and the usage of tech to provide quality and low fees. Not only that, but FTX’s compliance is highly attractive to a seasoned investor like O’Leary.
Founder and CEO of FTX, Sam Bankman-Fried called O’Leary a “true icon” and expressed excitement towards the partnership. “As we continue growing, we’ll need dedicated, knowledgeable, and trustworthy partners like Mr. Wonderful.”
O’Leary’s support for the crypto space continues
Over the past year, Kevin O’Leary stepped up both his interest in and support for the ever-expanding crypto space. From his strong stance on bitcoin mining, to his exuberance towards NFTs, he is leaving no stone unturned.
In May “Mr. Wonderful” announced his own crypto venture as one of the main stakeholders for a DeFi startup. DeFi Ventures is a company with a focus on DeFi investing. O’Leary intended to make changes to the company including a rebranding.
FTX ahead of the curve
Kevin O’Leary’s enthusiasm for the emerging space suits the forward-thinking character of FTX Trading. The crypto exchange is barreling through the space with major financial support, new projects, and NFTs.
Just last month, the exchange announced a $900M Series B Funding Round, which was the largest in crypto-exchange history. A little over a week later, FTX experienced substantial trading growth, with reports of volume of $1 billion. The company is also active in the booming NFT craze. Their most recent partnership with Dolphin Entertainment will create a brand-new NFT market. As FTX continues to scoop up big names in the industry, they will certainly be a business to watch.