In Brief:
- This is the first time when Cryptocurrency exchange platform sponsored any collegiate naming rights
- The Partnership between FTX.U.S and California University is Unique
- FTX.U.S president prefers partnership over advertisements.
Crypto derivatives exchange, FTX, has purchased the naming rights to Iconic California Memorial Stadium. FTX plans to rename the as stadium with ‘FTX field’ in September….
FTX.US is giving $17.5 million for the naming rights to California university Stadium. FTX.US is an association of Sam Bankman-Fried’s FTX. This is the first time when Cryptocurrency Platform Sponsered Collegiate Cryptocurrency naming rights.
According to Bloomberg, This partnership will be 10-year long and the amount will be paid in Cryptocurrency only. By doing this, the Cryptocurrency exchange step into the Sports tie-up and Sponsorship
A few times ago, FTX.US had owned the naming rights of the Miami NBA Stadium till 2040. It also partnered with Major League Baseball to registered itself as the First Cryptocurrency exchange to Sponsor in professional sport.
Recently, The company has also hired Shark Tank star Kevin O’Leary and celebrity couple Tom Brady and Gisele Bundchen as ambassadors in August and June respectively.
The COO of FTX.U.S, Sina Nadar, was a walk-on member of the Golden Bears football team having completed his bachelor’s degree in the University.
“This historic partnership will also allow us to collaborate on charitable initiatives that align with our organization’s core values,” Nader said in a statement. Personally, I am excited to work alongside my alma mater to collaborate with local communities around a variety of causes.”
FTX.US president Brett Harrison said earlier that the firm is interested in making partnerships with institutes and Individuals, rather than purchasing an advertisement. According to him, partnerships can earn more trust from retail investors.
Also Read: FTX Partners with Brink Technology for $450k Charitable Contribution
“We want people to know who we are, and a lot of that has to do with just brand awareness,” he said.
Learfield, the multimedia right owner of Cal Athletics, will take payment in cryptocurrency on behalf of the University of California.
FTX had raised $900 million in series B funding, which implying a valuation of $18 billion. A big portion of this fund will be used in acquisition and expansion.
