FTX buys naming rights to University of California sports field for $ 17.5 million

FTX continues its marketing operations

The FTX platform continues to solidify its presence in the sports industry with the help of a new agreement with Cal Athletics, the sports department at the University of California, Berkeley.

Specifically, FTX.US, the US subsidiary of FTX, signed a 10-year, $ 17.5 million agreement to secure the naming rights to the land at California Memorial Stadium.

FTX.US therefore acquired the naming rights to the field, and not to the stadium itself. This will now be called “FTX Field at California Memorial Stadium”.

In addition to the naming rights of the fields, the collaboration between Cal Athletics and FTX will be characterized by the presence of the platform’s logos on the field and on the backdrops during the interviews.

“We believe we have found an excellent partner in FTX. This deal goes well beyond field naming rights, which is part of our strategic plan to diversify revenue streams to support the student-athlete experience, ”added Cal Athletics Director Jim Knowlton. .

At the same time, Learfield, the company that owns media rights to Cal Athletics, will now accept cryptocurrency payments on behalf of the university.

It’s the cryptocurrency naming rights agreement for us

Alongside @FTX_Official, we are excited to announce our naming rights agreement for FTX Field at California Memorial Stadium!

| https://t.co/Re5kainxC0 pic.twitter.com/XNX3Rszheh

– Cal Athletics (@CalAthletics) August 23, 2021

FTX’s media empire is being built

FTX capitalizes a lot on the visibility of its brand, and has been carrying out operations of this type since the beginning of the year. The company has signed other naming agreements, including a colossal amount of $ 210 million. This significant sum was put on the table by FTX to rename the professional esports organization Team SoloMid (TSM) to “TSM FTX”.

Last April, FTX spent $ 135 million to bring the Miami NBA franchise stadium to the “FTX Arena” name for 19 years. American football, basketball, baseball, esports scene with League of Legends, chess tournaments, FTX has established itself as one of the most visible cryptocurrency companies on the planet.

Valued at $ 18 billion, FTX recently raised $ 900 million from multiple investors. According to company CEO Sam Bankman-Fried, the majority of these funds will be used to acquire industry startups and enter into long-term partnerships with sports teams and other entities.

No one knows when FTX will stop, but everything suggests that this strategy is paying off; the platform is attracting more and more users and its vision appeals to many cryptocurrency enthusiasts.

To go further – FTX renames the Blockfolio trading application to… FTX – Changes to be expected?

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About the author: Clément Wardzala

Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have endeavored to share qualitative content so that the sector is democratized among everyone.
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