Shark Tank's Kevin O'Leary Takes Equity Stake In Crypto Exchange FTX

What Happened: Shark Tank investor Kevin O’Leary has signed a multi-year deal to serve as brand ambassador to crypto exchange FTX.

In an announcement earlier today, FTX said that O’Leary would be paid in crypto for his role as ambassador and spokesperson to the crypto exchange. Additionally, O’Leary will also be taking an equity stake in both FTX Trading Ltd. & West Realm Shires Services Inc.

“Finally solved my compliance problems with cryptocurrencies I'm going to use FTX to increase my allocation and use the platform to manage my portfolios [sic],” declared O’Leary on Twitter.

"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,” he elaborated in a press release.

Read also: Kevin O'Leary Believes Ethereum Is Ultrasound Money

“To find crypto investment opportunities that met my own rigorous standards of compliance, I entered into this relationship with FTX.”

The long-term relationship with FTX will involve O’Leary promoting FTX and its associated brands to new audiences through several initiatives.

"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," commented Sam Bankman-Fried, FTX’s 29-year old billionaire founder and CEO.

Earlier this year, NFL athlete Tom Brady and his supermodel wife Gisele Bündchen also took an equity stake in FTX while assuming ambassador roles themselves.

Price Action: Crypto markets saw a 2.5% overnight increase in overall market cap, which exceed $1.9 trillion at the time of writing.

Bitcoin BTC/USD was trading at $45,811, while Ethereum ETH/USD was trading at $3,180 at press time.

Photo: Ontario Chamber of Commerce on Flickr