FTX Wary of Invisibility Issue, But Are The Huge Spendings Really Working Out?
According to CEO Sam Bankman-Fried, FTX has continued to remain in the shadows of other major exchanges in terms of recognition. This is despite the fact that the crypto and derivatives exchange has spent quite hugely on marketing since its inception in 2019.
FTX Is Struggling With Recognition, Says CEO
CEO Sam Bankman-Fried, has revealed that truly, FTX has been recently involved in some mouth-watering acquisitions, partnerships, and deals, but it’s all been about trying to be at par with other major exchanges.
The problem, as identified by Sam is that for new investors and anyone who’s looking around the crypto space, they do not even get to hear about FTX.
Speaking further on Tuesday at the Crypto Goes Mainstream event, the CEO claims that the company is still coming from behind with regards to name recognition.
Spending Massively To Bolster Recognition
The exchange, has been making major moves especially in the sporting space to improve its recognition. Spending $210 million to buy esports team TSM in June, $135 million to put its name on the arena of the NBA’s Miami Heat and $17.5 million to buy the naming rights to the home of Cal Berkeley football team. It also struck a big deal with Major League Baseball, making it the official crypto exchange of Major League Baseball in the process. Also in late August, FTX completed its acquisition of futures exchange LedgerX.
So Far, Possibly So Good For FTX?
It’ll be great to know, if any of the acquisitions and several deals that the exchange has been involving in, is actually paying off.
As at the time of this report. FTX ranks 6th on the list of Top Cryptocurrency Exchanges, with daily volume of $4,425,460,529 according to data from Coingecko.
All other big exchanges above it on the ranking table have been in the crypto exchange business, reasonably way longer than FTX. In fact, it is currently doing better numbers than some of those exchanges it met in the market.
Guess those huge deals and spendings are paying off afterall, and it’s only just a matter of time before FTX becomes an household name, as the CEO really wants.
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