16 chess masters from around the world compete for the grand prize.
Kásparov, another chess legend, sees potential in cryptocurrencies like bitcoin.
On May 23, the FTX Crypto Cup, the first online chess tournament on the Meltwater Champions Chess Tour, began to integrate bitcoin (BTC) as one of its top prizes.
The world chess event has around three hundred thousand dollars accumulated in prizes, in a fund with USD 220,000 and 2.1825 BTC. The cup is sponsored by the cryptocurrency exchange, FTX.
The live broadcast of the FTX Crypto Cup (FTX Crypto Cup), where 16 chess masters participate, including the current world champion, the Norwegian Magnus Carlsen, will finish next Monday, May 31. Initially, it had been mentioned that the value of the FTX Crypto Cup tournament prize would be $ 100,000 in bitcoin, however the cryptocurrency depreciated sharply shortly after. Currently the 2.1825 BTC is valued at USD 81.001.30, but these will not be settled until the moment the cup ends, so only then will its final price be known.
This global event is the result of the long-term partnership between global chess industry leader, Play Magnus Group, and FTX, who become the official cryptocurrency exchange for this group.
For a few months, FTX has begun to make sponsorships in the sports industry, having closed a deal of 135 million dollars with the Miami Heat’s Arena that will allow them to rename it, from the current American Airlines Arena, to FTX Arena, being the first NBA stadium sponsored by a cryptocurrency company.
Carlsen, who has held the world number one place in chess for a decade, said that “As a huge sports fan and NBA enthusiast, I was very excited to learn that FTX continues its movement towards sports by partnering with the Champions Chess Tour “, adding that he feels” renewed motivation now that they have found a partner in FTX who shares our common goal of growing chess and the Tour. “
Kásparov: another chess legend sees potential in cryptocurrencies
It is not the first time that the chess world has been related in some way to bitcoin. In addition to Lightning Chess, the virtual board that integrates bitcoin, a world-renowned chess player, Garry Kasparov, supports the use of cryptocurrencies.
Kasparov, who defines himself as a ‘technology optimist’, has shown support for various innovations such as Artificial Intelligence. In 1997, he became one of the first world chess champions to be beaten by an IBM computer.
By 2019, in an interview for FunOnTheRide, Kasparov was already showing support for the philosophy of cryptocurrencies, noting its potential to balance power relations between individuals, governments, and large tech companies. Although he clarified that he is not a technology expert, he acknowledged that Digital assets like bitcoin “are going to have a lot of influence on the way we live and do business.”
Within days of the online chess tournament kicking off, in a Reddit thread started by the former chess champion on May 18, 2021, he wrote that “Bitcoin will take on more importance and power in a positive way for individual freedom and freedom. society”.