Crypto exchange FTX US partners with four Washington, DC sports teams

The company behind four major Washington, D.C.-based professional sports teams has announced FTX US will be its official crypto exchange and nonfungible token partner.

In a Monday announcement, Monumental Sports and Entertainment, or MSE, said FTX US would be the official crypto partner of the Washington Capitals hockey team, Washington Wizards men’s basketball team, Washington Mystics women’s basketball team and the Capital City Go-Go basketball team as part of a multi-year deal. According to MSE, FTX US’ NFT platform will have exclusive rights to future token drops by the four teams and the exchange will be a partner for an in-game highlight series, dubbed “Big Block-Chain.”

“The integration of blockchain technology with the sports experience has only just begun, and together we are going to advance to an entirely new frontier which will ignite fans beyond what they can even imagine today,” said Jim Van Stone, MSE president of business operations and the firm’s chief commercial officer.

The announcement is the latest partnership between FTX US and major sports franchises in the United States. In March, the crypto exchange’s operator, FTX, reached a $135-million agreement to secure naming rights for the Miami Heat’s home stadium, which will be called the FTX Arena until at least 2040. The firm has also been an official sponsor of Major League Baseball since June, and partnered with the University of Kentucky to allow its Wildcats men’s basketball team to act as brand ambassadors.

Related: Jack in the Box claims in court FTX US ripped off its character to create 'Moon Man'

One of the largest cryptocurrency exchanges in the world, FTX had a valuation of more than $25 billion following a $420 million funding round in October. The company launched its NFT marketplace for U.S. customers in September.