World’s first ever ‘bitcoin chess tournament’ FTX Crypto Cup to begin on May 23

World’s first-ever elite-level ‘bitcoin chess tournament’ FTX Crypto Cup is set to begin on May 23 with a $100,000 bonus prize in cryptocurrency. “Fans will be able to track the prize pot’s value in real-time throughout the broadcast to see how it fluctuates,” the Meltwater Champions Chess Tour informed in an official release. This year’s $1.5 million Meltwater Champions Chess Tour is expected to be the richest and most prestigious chess game in history played “virtually” due to the pandemic which will feature over 16 “star names”, including the world’s top 10. World’s second-best chess player Fabiano Caruana will be in the game in his first Tour event this season. The game will have live ratings and a record $320,000 prize fund.

The leading cryptocurrency exchange, FTX will broadcast Bitcoin’s volatile movements in the market during the course of the chess game. FTX bought 2.1825 bitcoin for $100,000 last week on Monday, which at the time traded for $45,000 at approximately 2 pm. Bitcoin then dipped to $30,000 before bitcoin but bounced back to $40,000. However, the cryptocurrency’s value on 31 May will be significant when the tournament ends and the bitcoin prize is handed out. 

FTX Crypto Cup Magnus Carlsen released names of some of the prominent players including Emanuel Lasker at St Petersburg 1914 and New York 1924, Alexander Alekhine at San Remo 1930, Mikhail Botvinnik at The Hague-Moscow 1948, Bobby Fischer, and many more. Among the 16-player line-up is Russian Daniil Dubov and China’s top player Ding Liren. There will be the first encounter between Carlsen and Nepo since the Russian was installed as the official world title challenger. 

“Fan favourite Hikaru Nakamura will also be aiming roar back and topple Carlsen after his defeat in the New In Chess Classic final,” Magnus Carlsen informed.

[Credit: Champions Chess Tour/Magnus Carlsen]

FTX-Magnus' 'long-term agreement'

The first-ever crypto tournament was organized after the FTX entered into a long-term agreement with Play Magnus Group to become its Official Cryptocurrency Exchange Partner. Carlsen, who has reigned as world number 1 for a decade said in a statement: “As a big sports fan and NBA enthusiast, I was thrilled to learn that FTX is continuing its move into sports by partnering with the Champions Chess Tour.” He further adds, “The Tour has been extremely exciting both as a competitor and a fan, and I feel a renewed sense of motivation now that we’ve found a partner in FTX that shares our common goal to grow chess and the Tour.”