FTX Pays $ 17.5 Million In Crypto For Cal Memorial Stadium Naming Rights For 10 Years | Currency News | Financial and business news
The iconic California Memorial Stadium changes its name from September: FTX Field.
FTX.US, an FTX affiliate of Sam Bankman-Fried, pays $ 17.5 million for California University Stadium naming rights in what is considered the very first collegiate cryptocurrency naming rights sponsorship .
This 10-year partnership, paid entirely in cryptocurrency, is the latest in a series of sporting partnerships for the crypto exchange.
Most recently, FTX.US secured the naming rights for the Miami NBA Stadium until 2040. It has also partnered with Major League Baseball to become the premier cryptocurrency exchange sponsor in professional sports.
The company also hired Shark Tank star Kevin O’Leary and celebrity couple Tom Brady and Gisele Bündchen as ambassadors in August and June respectively.
Cal Athletics, among the many varsity stadiums, was chosen for its personal connection.
FTX.US COO Sina Nader was a member of the Golden Bears football team after graduating from college with a bachelor’s degree.
The money, according to the company, will be used to help Berkeley’s homeless community as well as under-represented and veteran students and the Cal Veterans Group.
“This historic partnership will also allow us to collaborate on charitable initiatives that align with the core values of our organization,” Nader said in a statement. Personally, I am delighted to be working alongside my alma mater to collaborate with local communities around various causes. “
FTX.US chairman Brett Harrison told Insider in August that the company prefers to enter into major partnerships with carefully selected institutions and individuals rather than buying advertisements because it gains more trust from retail investors.
“We want people to know who we are, and a lot of that has to do with brand awareness,” he said.
In addition to naming rights, Cal Athletics and FTX.US will also work on other branding efforts, including sports press backdrops and social inclusion.
Learfield, the media rights holder of Cal Athletics, will accept cryptocurrency payments on behalf of the University of California, Berkeley.
FTX announced on July 20 that it had raised $ 900 million in Series B funding, which involves a valuation of $ 18 billion. The majority of the funds, Bankman-Fried said, will be used for expansion and acquisition.