World’s Chess Champions Will Aim For A BTC Prize In FTX Crypto Cup

The World’s chess champions will aim for a Bitcoin prize in the FTX Crypto cup with 2.18 BTC up for grabs at the end of the tournament so let’s read more in our latest Bitcoin news today.

The world’s chess champions will compete for a cash prize of $220,000 and 2.18 BTC as the competition is sponsored by FTX crypto exchange. The world’s top chess players will compete to win 2.18 BTC or $83,840 in today’s price and the nine-day long match will be sponsored by FTX. On the first day of the tournament, Magnus Carlsen will defend his title against his longtime rival Nepomniachtichi. Carlsen will face off 15 of the world’s best chess players.

The FTX Crypto Cup chess contest is giving $100,000 of bitcoin as a prize alongside a $220,000 cash pot pic.twitter.com/p21Dc0u8nD

— Reuters (@Reuters) May 22, 2021

The FTX cup is only a part of the wider Meltwater Championship Chess tour 2021, started in November 2020, and now runs for 10 months. That’s a total prize money pool of $1.5 million. Sam Bankman Friend, the CEO of FTX, said that the chess demographic overlaps a bit with the crypto demographic because both chess and crypto attract young and tech-friendly people. However, the intense chess games won’t be the only thing to keep an eye on during the FTX cup. The exchange will broadcast the BTC price and its movements during the game.

FTX purchased 2.1825 BTC on Monday which was worth around $100,000 at the time and it is now worth $83,840 and will change by the end of the Cup. There’s also a cash prize of $220,000 which is unlikely to change in value as much. The crypto cup will broadcast online and on TV channels like Eurosport. For those that are interested in crypto more than chess, there’s an alternative. Chess.com announced that Coinbase sponsored its own chess tournament.

Unlike the FTX Crypto cup that features chess experts, Coinbase’s tournament will feature crypto experts like Bitcoin hype man Anthony Pompliano, SiliconCape founder Vinny Lingham and former rapper Logic.
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The tournament will take place between June 12 and June 13 with the winner being able to send $25,000 to a charity of their choosing.

As reported previously, FTX has won the naming rights for the historic Miami Heat stadium in Florida according to the reports by Miami Herald, and the stadium was previously known as the American Airlines arena but will now be called FTX Arena. The arena opened in 1999 and hosts concerts, events, and much more, drawing more than 2 million visitors per year as the report said. Yesterday’s move cost more than $135 million which is only a small piece of the daily trading volume of the exchange while FTX made its first-ever crypto-business to win the rights to name the sporting stadium.