The best chess players will compete for 100,000 USD worth of Bitcoin
The upcoming FTX Crypto Cup online chess tournament is set to pit the top ten players in the world against each other, allowing the global chess elite to compete for USD 100,000 worth of bitcoin (BTC), provided by the event sponsor and the exchange of cryptographic derivatives FTX, and $ 220,000 in cash.
Among the grandmasters who will take part in the cup, described as the world’s first bitcoin-priced chess tournament, are Norwegian Magnus Carlsen, the world’s highest-ranked chess player, and Russian Ian Nepomniachtchi, number four. global. The event will precede their 14-game world title match scheduled to take place in November-December in Dubai.
The event, which is part of this year’s Meltwater Champions Chess Tour, will be held May 23-31, allowing fans to follow the pot value of the prize in real time and its fluctuations, organizers said in a statement.
FTX has also entered into a long-term agreement with Play Magnus group, who is the organizer of the cup, to become its official crypto exchange partner.
“Online chess and digital finance are growing rapidly,” said Sam Bankman-Fried, CEO and Founder of FTX.
If Carlsen got the crypto bonus, it would allow the player to further diversify their budding investment portfolio. In a tweet on April 29, the Grandmaster admitted to having gone online six months earlier.
“Strategic planning and research are also essential here. No shortcuts! Carlsen noted.
Trade publication Chess24.com claims the next cup “could be the strongest chess tournament ever, with a 16-player field including the full Top 10 from the May 2021 FIDE Classic Ranking List “, referring to International Federation of Chessworld ranking of (FIDE).
The event, which will air on television and online streaming platforms Twitch and YouTube, will secure its winner a spot in the tour finale in San Francisco in September.
In another example of how the worlds of crypto and chess intersect, last November Ethereum (ETH) co-founder Vitalik Buterin participated in a live showdown against Alexandra Botez, a female FIDE Master. recognized by FIDE and five times Canadian Women’s National Champion. Buterin, who is an amateur chess player, was checked and mate in over a minute.
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