FTX Signs $17.5M Deal to Sponsor UC-Berkeley Athletic Department
5 min ago•2 min read•Other
FTX.US, the U.S. affiliate of crypto exchange FTX, has signed a $17.5 million, 10-year agreement with Cal Athletics for the naming rights to the field at California Memorial Stadium.
The field will be known as the “FTX Field” at the California Memorial Stadium and is FTX.US’ first college-related cryptocurrency naming rights sponsorship. Cal Athletics is the University of California's flagship campus at Berkeley. Cal Athletics’ multimedia rights holder Learfield will accept the payment in cryptocurrency on behalf of the university. This year, FTX has been on a sports and e-sports sponsorship spending spree. In March, the exchange secured the naming rights to the home arena of NBA team Miami Heat for a reported $135 million, while in June, the exchange paid $210 million to acquire the naming rights for e-sports organization TSM. The latest deal involves FTX featuring its branding on press backdrops and launching a platform with Cal Athletics that aims to support projects across philanthropic causes. FTX had a connection to Cal Athletics through its chief operating officer Sina Nader, who went to college there and was a walk-on member of the football team. "We're excited to partner with one of the world's great universities and expand crypto's presence into the collegiate athletics landscape," Nader said in a press release.