FTX buys name rights to Cal Memorial Stadium for 10 years in $17.5M deal

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FTX buys name rights to Cal Memorial Stadium for 10 years in $17.5M deal

Crypto derivatives alternate, FTX, has bought the naming rights to California College’s Cal Memorial Stadium with the intention to introducing its personal branding.

The Sam Bankman-Fried owned derivatives alternate is delving deeper into sports activities after signing a 10-year, $17.5 million naming rights care for the college. 

The stadium’s domestic crew, the Cal Golden Bears, will now play their video games on newly rebranded FTX Box this soccer season, consistent with Bloomberg. The $17.5 million can 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 department of the alternate, FTX.US, entered right into a naming rights care for the Miami Warmth basketball crew. The partnership noticed the crew’s home-stadium rebranded to FTX Enviornment. 

The corporate could also be the legit crypto alternate of Main League Baseball (MLB). As a part of the sponsorship deal, which is anticipated to ultimate for no less than 5 years, each MLB umpire will don an FTX patch on their uniform. 

The Cal Memorial stadium is positioned in Alameda County, the namesake of Bankman-Fried’s buying and selling company, Alameda Analysis. 

A few of FTX’s executives even have long-standing ties to the Cal Golden Bears, with Leader Working Officer Sina Nader having been a walk-on member of the Golden Bears when he used to be an undergraduate.

Similar: FTX turns into legit crypto sponsor of MLB

In June, seven-time Tremendous 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 investment report with a $900 million elevate to turn out to be an “alternate decacorn” — an organization price over $10 billion.