TL;DR Breakdown
• The crypto exchange gains value from the rewards given to its fans.
• The FTX token is trading above $63, increasing by over 1,000 percent of its value in recent months.
Recently the crypto exchange FTX released $500 worth of cryptos to each person at the FTX-Arena event held at the Miami Heat field in Miami, Florida. The crypto platform also announced that it could collect more than $400 million in its latest funding racket.
This giveaway took place in the first basketball game in which the Miami Heat and the Milwaukee Bucks faced each other. According to reports, the advertising campaign may have cost about $150,000.
FTX kicks off basketball season by handing out $500
FTX has become one of the main crypto exchanges in Miami, both due to its technological advances and its advertising campaigns. Among the latest news, the crypto platform opened the Basketball season on the FTX-Arena field by distributing $500 in cryptocurrencies for all its fans.
The people who could not benefit from this giveaway received gifts including a shirt and a non-fungible token. The best thing about the event is that the home team defeated Milwaukee with a 137-95.
The exchange appears to use sports as its advertising mechanism. Even fans believe these cryptocurrency rewards could become common at matches held at the FTX-Arena.
Although the crypto company has no guarantees about the success of its advertising campaign, it has undoubtedly generated a positive effect on cryptos and the Miami Heat team. The FTT, the native token of the exchange, is trading above $66.99 with a market capitalization that has grown over 1,500 percent in the last months of the year.
FTX-Arena and its link with the crypto Exchange
Last April, the crypto exchange FTX paid about US$135 million to replace the name of the Miami Heat team arena. The goal was achieved and now is called FTX-Arena.
The crypto platform has also been strong in its management within the field, showing its potential. The firm recently hired agent Aaron Jones, joining him with consultants such as Steph Curry and Tom Brady.
The exchange closed its last amount of financing over US$420.69 million, bringing together some 69 investors. This occurs after the company raised about US$900 million in the financing campaign in series B. With these profits, the crypto exchange trades over US$25 billion today.
Among the most prominent investors are Ribbit Capital, Sequoia Capital, and Tiger Global, who have relied on the effectiveness of the exchange. FTX-Arena may continue to be the main venue for these crypto rewards that increase the value of virtual trading. The company is also trying to explore new territories to expand.
