Long-term relationship centers around equity investment and an ambassador deal to be paid in crypto
FTX Trading Ltd. and West Realm Shires Services Inc. (“FTX.US”) owners and operators of FTX.COM and FTX.US respectively (collectively “FTX”), announced a long-term relationship with entrepreneur, venture capitalist, and Shark Tank investor, Kevin O’Leary. Mr. O’Leary will be taking an equity stake in both FTX Trading Ltd. & West Realm Shires Services Inc. along with being paid in crypto to serve as an ambassador and spokesperson for FTX.
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Kevin O’Leary, commented on the news, “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. It has some of the best crypto exchange offerings I’ve seen on the market. FTX leverages best-in-class tech to provide a quality trading experience with low fees for both professional and retail investors alike, while at the same time providing the reporting platform that serves both internal and regulatory compliance requirements.”
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As part of the long-term relationship, Mr. O’Leary has signed a multi-year deal to serve as a spokesperson for the FTX brand and will be responsible for elevating FTX and its associated brands to new audiences through a variety of initiatives. Mr. O’Leary will also become a shareholder in both FTX Trading Ltd. & West Realm Shires Services Inc. owners and operators of FTX.COM and FTX.US respectively. He has asked that his compensation for these services be paid in crypto assets and be managed on the FTX platform.
Sam Bankman-Fried, Founder and CEO of FTX, concluded, “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.”
