Coinbase to Host Crypto Rewarding Chess Game Tournament

Cryptocurrency News

“Crytochamps”, chess contest is set up by globally popular online chess website, Chess.com, which has been sponsored by one of the leading crypto firms, Coinbase. Prominent individuals from the crypto world will also be featured in the tournament who will also reward crypto prizes which will be handed over to charity in the coming month.

One of the biggest online chess-game playing websites in the world is Chess.com which has been hosting online chess tournaments for a very long time. The website has informed me yesterday that it will be hosting a crypto-themed online chess contest. It was further informed that the sponsor of the tournament is the world’s leading crypto platform i.e. Coinbase. The tournament has been named “Cryptochamps” which will run from 12th June 2021.

Further details regarding the Cryptochamps tournament suggested that in the contest several crypto influences will also be featured. These influences and prominent individuals from the crypto community will play chess games against each other. People like Anthony Pompliano of Morgan Creek Digital, Jinglan Wang of Optimism, Vinny Lingham of Civic, etc. are to appear in the tournament.

The participants will be offered prize money in crypto to the tune of US$ 25,000. The winner will have the privilege to donate this handsome amount to various charitable organizations.

As per the rules of the contest, the players have been divided into two brackets. Each player within these brackets will compete against each other. The winner will then be placed in the bracket which will comprise of the winners from each bracket. However, the losers will not be eliminated from the tournament instantly and will be made part of the consolation bracket. Every single chess contest between the competitors will be broadcast live on Chess.com’s own channel called “Twitch”.

It was further informed by Chess.com that the upcoming chess contest is part of its popular event known as Pogchamps.

There are several other online crypto-themed contests to take place in the near future. For instance, another chess contest is due very soon which will be sponsored by another famous crypto trading platform called, FTX. FTX recently became official partners of a globally famous chess contest titled “Champions Chess Tour Crypto Cup”. All major chess players from several nations are anticipated to play against each other for winning a crypto-rewarding price. The overall prize money for this tournament has been set to US$ 420,000. Whilst US$ 320,000 will be paid in cash out of US$ 420,000 to the winner, the remaining US$ 100,000 will be paid in crypto. Crypto reward as reported will be sponsored and paid by FTX itself.

Evidently, both of these firms namely FTX and Coinbase, are trying to spread further awareness about crypto through sporting activities.

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