FTX Partners With WB Games’ Executive To Collaborate with FTX Gaming

Key Insights:

• FTX will be partnering with WB Games’ Boston head Steve Sadin.
• After establishing a $100 million fund last November, FTX is expanding its reach.
• The company’s US arm also announced the launch of its new unit for institutional investments.

In a press release today, the third biggest cryptocurrency exchange FTX announced the appointment of Steve Sadin. Sadin has been affiliated with Warner Bros. (WB) Games and is going to be the head of gaming partnerships at FTX Gaming.

FTX’s Full Throttle

This move from the crypto exchange company is not entirely unprecedented since FTX has been eyeing the gaming industry for a while now. Last November, it launched a $100 million fund with Solana Ventures and Lightspeed Venture to invest in blockchain gaming startups.

Furthermore, FTX’s US arm launched their gaming business ‘FTX Gaming’ last month. FTX created the unit to help gaming studios integrate blockchain technology and NFTs into their games.

With the appointment of Sadin, FTX will be collaborating with some of the biggest gaming brands. Iterating on the same, head of FTX Ventures & Commercial, Amy Wu said,

“Collectively, Steve has ran games that have been played by hundreds of millions of players and generated over $1 billion in product revenue, which makes him a great candidate for establishing partnerships with major gaming studios because he knows the industry so well, both as a player and studio head, and he knows what it takes to be successful.”

FTX.US’ continued expansion reached the institutional investors as well. Yesterday it announced the launch of its new unit ‘FTX Access.’ This will act as a ‘one-stop-shop, initially equipped with advisory, trade execution, and analytical tools.’

Through FTX Access, the focus will also be diverted towards institutional clients by launching crypto-linked ETPs and eventually foraying into custody, derivatives, structured products, and other asset management products.

FTT Makes No Move

While FTX and FTX.US continue their journey of rising further, FTT doesn’t seem to be sharing that notion. After the 7.43% rally 48 hours ago, FTT went back down by 5.58%, almost invalidating the rally.

Trading at $40.45, it seems like consolidation is on the charts for the FTX token for now.