The University of California agrees to stadium naming rights deal with cryptocurrency exchange
By Bob Garcia
Cal Memorial Stadium is now intrinsically tied to the FTX crypto trading platform
In an effort to further increase its exposure and expand its brand name even further, FTX, a crypto derivatives exchange, has recently announced the purchase of the naming rights to the University of California’s Cal Memorial Stadium. According to reports, the naming rights deal has been signed for a total of ten years, and FTX has paid $17.5 million (which will be processed in the form of cryptoassets) to make it happen.
It is well known that the world of sports attracts millions of fans annually, which is why the Sam Bankman-Fried-owned derivatives exchange has now wanted to dive into this space, again. The now-named FTX Field will be the home of the stadium’s home team, the California Golden Bears.
This deal is seen as FTX’s latest foray into sports-related sponsorship, which serves to raise awareness of cryptocurrencies and bring this topic to the ears of millions of more people. The last time similar news was shared was in March, when the exchange’s North American division, FTX.US, struck a naming rights deal with the Miami Heat, the renowned NBA team. Since then, the team’s home court has been renamed FTX Arena.
FTX has managed to make a big splash in the sports world, which is a smart strategy to grow the crypto space. In fact, it is also the official crypto exchange of Major League Baseball (MLB). As part of this sponsorship, which is likely to last up to five years, every MLB umpire will wear an FTX patch on his or her uniform.
Tom Brady and his wife, Gisele Bündchen, also decided to shake hands with the brand two months ago to promote the adoption of cryptocurrency. This agreement prompted the two to start taking equity stakes in FTX and receive cryptocurrency in exchange for promoting the platform.