As a part of a new partnership with Crypto Exchange FTX, the Canadian businessman Kevin O’Leary has become a shareholder and would get involved in initiatives to promote FTX, a cryptocurrency platform to new audiences and receive his payments in digital assets.

The 67-year-old Canadian TV host tweeted on Tuesday, “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.”

Also known as Mr Wonderful, O'Leary will hold an equity stake in FTX and one of its operators, West Realm Shires Services. FTX has become one of the most respected cryptocurrency exchange platforms within 2 years since its founding.

Mr Kevin, who was a host of Shark Tank, an American business reality television series, has signed a multi-year contract as a brand ambassador and spokesperson with FTX.

In the announcement, Mr Wonderful also says, “I want to increase my crypto exposure but also serve my compliance mandates. When it comes to rapidly changing compliance and tax reporting requirements, the current cryptocurrency ecosystem is fraught with risks that I can not take. To find crypto investment opportunities that met my own rigorous standards of compliance, I entered into this relationship with FTX.”

Mr Wonderful promoted an FTX CryptoPunk non fungible token giveaway on Twitter indicating that he has already got to work. According to the request by the "Shark Tank" co-host, his digital assets will be managed on the FTX platform only. He entered this partnership with FTX particularly because this exchange met his "own rigorous standards of compliance."

When the value of the crypto market had declined, investor  Kevin O’Leary had said in a youtube video that he would refrain from putting his money in bitcoin. But with news breaking out, it seems that his ideas have taken a U-turn now.  O'Leary had recently praised ether by calling it "ultrasound money" for being a deflationary asset.

The Founder and CEO of FTX, Sam Bankman-Fried, concluded a statement, "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."

Rushali Das

CBW - External Analyst

INDIA