The FTX Crypto Cup is a high-level chess tournament featuring some of the world’s biggest names in the sport. The 2022 iteration has just come to a close, with longtime phenom Magnus Carlsen narrowly beating Rameshbabu Praggnanandhaa to grab the crown – and a fair amount of Bitcoin too.
Play in tournament
The tournament, sponsored by exchange giant FTX, was an extremely tight competition. While Carlsen, who became a chess grandmaster at age 13, ultimately prevailed, it was thanks to a tiebreaker.
The tournament had a prize of $210,000 + $100,000 tied to the Bitcoin price.
Notably, it’s not the only chess tournament with a strong crypto presence. Coinbase played a similar role to FTX by featuring its own tournament known as the Rapid Chess Championship, which comes with an impressive $650,000 prize pool. This tournament also just ended, with Ian Nepomniachtchi picking up the win.
A thrust in chess
Chess is a global game that has been around for ages and was developed in India over 1400 years ago. Perhaps it’s because of its global stage and enduring presence that blockchain-oriented companies have been tied to it for years now.
Before exchanges like FTX and Coinbase featured world-class tournaments, esports platform World Chess tried to cash in on the NFT crazeuse the blockchain to eliminate cheating during online play, and even a potential security token offering – each strives to be backed by names like Algorand, Securitize, and more. Although not all of these plans have come to fruition, there is clearly an intrigue on both sides between the chess world and the blockchain.
A sporting foray
On several occasions, we have highlighted the foray of crypto into the world of sports. From athletes receiving salaries in Bitcoin to arena naming rights purchased by companies like Crypto.com, competitive activities are the perfect outlet for increasing awareness of digital assets. Chess is a perfect example of this, as the game is not only played globally, but is increasingly popular in the world of esports, as are cryptocurrencies themselves.