Shark Tank host Kevin O’Leary has grow to be an official spokesman for Sam Bankman-Fried’s FTX crypto alternate and will likely be paid in crypto and obtain fairness as a part of the deal.

In response to an Aug.10 announcement, the partnership with FTX Buying and selling Ltd. and West Realm Shires Providers Inc. (house owners of FTX.US and FTX.com) will see O’Leary take an fairness stake in each companies.

The enterprise capitalist additionally recognized colloquially as “Mr. Fantastic” signed the multi-year deal to function a model ambassador and spokesperson. He requested to be paid in crypto belongings to extend his holdings.

Within the announcement, O’Leary famous that “institutional traders battle with the choice to put money into crypto belongings” as they harbor compliance-related issues as he did concerning crypto:

“I’m no totally different. I wish to enhance my crypto publicity but in addition serve my compliance mandates. In relation to quickly altering compliance and tax reporting necessities, the present cryptocurrency ecosystem is fraught with dangers that I can’t take.”

He added that, “To search out crypto funding alternatives that met my very own rigorous requirements of compliance, I entered into this relationship with FTX.”

Regulatory compliance in crypto has been a long-standing situation of the investor, and he beforehand acknowledged again in 2019 that:

“I’ve little interest in doing any of this crypto crap as a result of it’s not compliant.”

Related: Regulatory clarity for crypto would take 3 to 5 years, FTX CEO says

O’Leary has been tasked with elevating the model to giant audiences and has already set to work on social media by selling a FTX CryptoPunk NFT giveaway on Twitter. Nevertheless, he sadly misspelled a phrase within the caption of his put up which reads “what to win a CryptoPunk? Right here’s your probability!”

The enterprise capitalist has a knack for developing with colorful nicknames for crypto, and in January he referred to Bitcoin (BTC) as a “large nothing-burger” attributable to its inconsistent regulatory frameworks throughout the globe. He has additionally described BTC mined in non-environmentally pleasant methods as “Blood Coin.”

He changed his tune on Bitcoin and revealed plans to allocate three% of his funding portfolio to BTC in March.This week he referred to as Ethereum “ultrasound money’ in a Cameo video.