FTX buys title rights to Cal Memorial Stadium for 10 years in $17.5M deal
Crypto derivatives exchange, FTX, has bought the naming rights to California University’s Cal Memorial Stadium with a view to introducing its personal branding.
The Sam Bankman-Fried owned derivatives exchange is delving deeper into sports activities after signing a 10-year, $17.5 million naming rights cope with the college.
The stadium’s dwelling crew, the Cal Golden Bears, will now play their video games on newly rebranded FTX Field this soccer season, in accordance with Bloomberg. The $17.5 million can even be paid to the college within the type of crypto property.
The deal is FTX’s newest foray into sponsoring sports activities to drum up consciousness of crypto.
In March, the North American division of the exchange, FTX.US, entered right into a naming rights cope with the Miami Heat basketball crew. The partnership noticed the crew’s home-stadium rebranded to FTX Arena.
The firm can be the official crypto exchange of Major League Baseball (MLB). As a part of the sponsorship deal, which is anticipated to final for not less than 5 years, each MLB umpire will don an FTX patch on their uniform.
The Cal Memorial stadium is situated in Alameda County, the namesake of Bankman-Fried’s buying and selling agency, Alameda Research.
Some of FTX’s executives even have long-standing ties to the Cal Golden Bears, with Chief Operating Officer Sina Nader having been a walk-on member of the Golden Bears when he was an undergraduate.
Related: FTX turns into official crypto sponsor of MLB
In June, seven-time Super Bowl champion quarterback Tom Brady and spouse Gisele Bündchen partnered with FTX to advertise crypto adoption.The deal noticed Brady and Bündchen every take fairness stakes in FTX and obtain crypto.
On July 20, Cointelegraph reported that FTX smashed the crypto funding document with a $900 million increase to turn out to be an “exchange decacorn” — an organization price over $10 billion.