The FTX cryptocurrency derivatives exchange acquired the rights to the Cal Memorial stadium name for 10 years. The transaction amount was $ 17.5 million and will be fully paid in cryptocurrency.
FTX.US, the American subsidiary of the FTX exchange, has signed a 10-year agreement with Cal Athletics, the sports department of the University of California, Berkeley, to name the soccer field at California Memorial Stadium. This field will now be called FTX Field. LEARFIELD, the Cal Athletics multimedia rights holder, will accept crypto payments on behalf of the university. UC Athletics Director Jim Knowlton said:
“We think we’ve found a great partner at FTX. It is a growing company that is at the forefront of technological innovation. The agreement goes well beyond naming rights – it is part of the university’s strategic plan to diversify its revenue streams. The funds will go towards training student athletes, a commitment to support UC veterans and underprivileged students at Berkeley. We look forward to building our relationship now and continuing it in the future. ”
FTX is actively sponsoring sports and esports this year. In March, the exchange received the rights to the NBA Miami Heat home arena name for $ 135 million. As part of the partnership, the stadium was renamed FTX Arena. In June, the exchange paid $ 210 million to acquire the rights to the esports organization TSM. FTX is also the official sponsor of the Major League Baseball (MLB) cryptocurrency exchange. As part of the sponsorship deal, which is expected to last at least 5 years, every MLB broker will wear the FTX patch on their uniforms.
In July, the exchange raised $ 900 million in investments, making it the largest direct funding of cryptocurrency exchanges in history. According to the results of the series B round, the capitalization of the exchange reached $ 18 billion.
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