• Business
  • finance

Tom Brady and Gisele Bündchen Take Equity Stake in Crypto Firm FTX

4 minute read

Celebrity couple Tom Brady and Gisele Bündchen have taken an equity stake in crypto firm FTX as part of a long-term partnership, marking the duo’s newest foray into the world of digital assets.

Both Brady, a celebrated American football player, and Bündchen, a world-renowned supermodel, will serve as ambassadors for FTX, according to an announcement Tuesday. The cryptocurrency exchange declined to disclose their equity stake, but did say they will both receive an unspecified amount and type of crypto. Bündchen will also take on the role of FTX’s environmental and social-initiatives adviser, according to the release.

“Tom and Gisele are both legends and they both reached the pinnacle of what they do,” Sam Bankman-Fried, founder and chief executive officer of FTX, said in a phone interview. “When we think about what FTX represents, we want to be the best product that is out there.”

FTX, with 29-year-old Bankman-Fried at the helm, has become one of the world’s largest crypto exchanges since its launch just two years ago. Bankman-Fried said he’s spoken with others in the past about possible partnerships, but something FTX always comes back to is, “How excited are they about it? How excited are we to deal with them?” When it comes to Brady and Bündchen, “they were both really into it.”

Brady has been an advocate for cryptocurrencies and even added to Bitcoin’s volatility in May when he changed his Twitter profile picture to show himself with so-called laser eyes — a stealth crypto remark to signify support for the industry. But on Monday, the quarterback for the Tampa Bay Buccaneers tweeted again to ask if anyone had any ideas after the laser eyes “didn’t work,” a reference to Bitcoin’s price-drop over the past month.

“This isn’t the first time that they’ve been involved in crypto, not the first time they’ve thought about it or even used it, which I think makes it a much more natural and authentic partnership,” said Bankman-Fried. “They’re examples of audiences we’d really like FTX to be the product for.”

Brady also, as part of a conversation with Bankman-Fried during a conference earlier this year, said he, his coaches and teammates had been talking about cryptocurrencies and their vacillating prices on a daily basis. “It’s on all of our minds because we’re very interested, we’re learning more and more about these emerging markets,” he said. “So I’m a big believer in it, I don’t think it’s going anywhere,” though he added there will “absolutely” be volatility.

“It’s an incredibly exciting time in the crypto-world and Sam and the revolutionary FTX team continue to open my eyes to the endless possibilities,” Brady said in a statement. “This particular opportunity showed us the importance of educating people about the power of crypto while simultaneously giving back to our communities and planet.”

FTX was founded with the goal of donating to charity and has earmarked more than $10 million so far to do so. FTX, Brady and Bündchen have all committed to annual multi-million dollar contributions for the duration of the partnership and Bündchen will play a role in choosing the charities. Her mandate will not be crypto-specific, Bankman-Fried said. She’s been “really involved in giving back basically her whole life and I think this is part of what appealed to her the most,” he said, adding that she’ll likely be working with the FTX Foundation “a fair bit.”

Meanwhile, FTX has been making waves elsewhere in the world of sports, cinching a pact with Major League Baseball earlier this month and renaming the Miami Heat’s National Basketball Association stadium to FTX Arena, the first NBA stadium deal from a crypto firm.

“A lot of what we’ve been looking at is what are the things that we can do that will really stand out and represent us well, fit our brand and really capture people’s attention,” said Bankman-Fried. “We’re going to be doing what we can to try to get news about FTX out there and get more eyeballs on it.”

More Must-Reads From TIME

Contact us at letters@time.com