FTX Partners with Dreamfield, to Offer Athletes FTX Cards

FTX, a cryptocurrency derivatives exchange partnered with Dreamfield Sports, allowing athletes to receive payments in crypto. Dreamfield allows collegiate to earn money from their Name, Image and Likeness ('NIL').

Through the platform, Dreamfield connects young athletes to commercial brands via smart contracting events. Through Dreamfield's exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, brands may select the athletes they wish to collaborate with.

FTX enjoyed moderate growth in 2021. Also, FTX US was recently valued at $8 billion in the first funding round. The chart below demonstrates FTX growth in terms of relative volume for 2021:

source: FTX

Athletes Access FTX Card

Under the new partnership with Dreamfield, athletes will be able to receive crypto payments and use the FTX card. This includes athletes from major division 1 institutions and athletes across the US via the Dreamfield platform.

The FTX card (Swipe Visa Debit Card) is connected to the athlete's FTX US trading account. Any payments made with the FTX card will be deducted from the balance of the FTX US account.

In that manner, athletes can pay for goods and services using their own FTX card. Dreamfield will offer consulting services and endorsements. Additionally, FTX Pay and FTX Card are integrated into the Dreamfield platform.

The CEO of Dreamfield, Luis Pardilo said the following on the partnership with FTX, "This will be the first time that an athlete platform will be fully integrated on the blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term for paying athletes in cryptocurrency directly into their FTX account. This is significant because through our comprehensive partnership with FTX we are bringing a totally new financial technology utility tool to Dreamfield and our athletes that they can use well beyond their playing days and into their professional endeavors, all while exposing fans to blockchain technology and NFT’s through unique fan engagement and experiences.”

Exclusive NFTs in FTX Marketplace

Lionel Williamson, the FTX Business Development Manager said, "In partnership with Dreamfield, FTX Pay will be ushering in a new wave of cryptocurrency investors by teaching collegiate athletes about the financial benefits of cryptocurrency investing. Giving athletes different options and financial education in a safe and secure non-predatory environment through the Dreamfield and FTX platforms is extremely important to everyone involved in the FTX Champions Program."

Collegiate athletes will be offered personal sessions to understand the concept of investing through the blockchain.

“One of the things I’m excited about with this partnership is all of the fans and alumni that are 18 and older are going to be introduced to NFTs for the first time. With the new Dreamfield experiences through University Specific Organizations like Mission Control UCF, fans of athletes will be able to interact with each other, be introduced to new community engagements where fans and athletes can co-exist and each member of these groups will be airdropped an exclusive NFT that’s associated with that fan base. All NFTs will be minted on the Solana blockchain and available on the FTX Marketplace” Jake Hoving, the Business Development Manager at Dreamfield, stated.

FTX spot trading volumes reached $719,000,000,000 in 2021, which marks a +2,400% increase (approx.) over 2020. The strategic partnership with Dreamfield has enabled the exchange to broaden its reach.