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

In one announcement Earlier today, FTX said that O’Leary would be paid in crypto for his role as ambassador and spokesperson for the crypto exchange. In addition, O’Leary will also take a stake in FTX Trading Ltd. and West Realm Shires Services Inc.

Finally solved my compliance issues with #crypto-currencies I will use FTX to increase my allocation and use the platform to manage my portfolios https://t.co/yaoRUnXy14

– Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) August 10, 2021

“Finally solved my cryptocurrency compliance issues, I will be using FTX to increase my allocation and use the platform to manage my portfolios [sic]O’Leary said on Twitter.

“Institutional investors find it difficult to make the decision to invest in crypto assets. Not because they don’t want to, but because they struggle with knowing for sure that they will be 100% compliant. regulators and reporting requirements. I am no different. I want to increase my exposure to crypto but also serve my compliance mandates, “he explained in a press release.

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“To find crypto investment opportunities that met my own rigorous compliance standards, I formed 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 delighted to have a partner like Kevin who shares our perspective on the importance of compliance. As we continue to grow, we will need dedicated, knowledgeable and trustworthy partners like Mr. Wonderful, ”said Sam Bankman-Fried, founder and CEO of FTX, 29.

Earlier this year, NFL athlete Tom Brady and his model wife Gisele Bündchen also took a stake in FTX while taking on the role of ambassador themselves.

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

Bitcoin (CRYPTO: BTC) was trading at $ 45,811, while Ethereum (CRYPTO: ETH) was trading at $ 3,180 at time of publication.

Photo: Ontario Chamber of Commerce on Flickr