Digital Asset Exchange FTX Set To Pay $17,500,000 in Crypto for Exclusive Naming Rights of Cal Memorial Stadium

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Digital Asset Exchange FTX Set To Pay $17,500,000 in Crypto for Exclusive Naming Rights of Cal Memorial Stadium

US-regulated crypto exchange FTX.US is announcing a multi-million dollar deal to acquire the naming rights to the field at the California Memorial Stadium.

According to a press release, FTX.US has entered a sponsorship agreement with Cal Athletics’ multimedia rights holder Learfield to rename the venue.

“As part of the $17.5 million deal, LEARFIELD will accept the full payment in cryptocurrency on behalf of the university. Through this historic, 10-year agreement, FTX receives naming rights to the field at California Memorial Stadium, which will be known as FTX Field at California Memorial Stadium.”

The deal between FTX.US and LEARFIELD is the “first-ever collegiate cryptocurrency naming rights sponsorship,” according to the statement.

Sina Nader, the chief operating officer of FTX.US, says the crypto exchange will also make donations to charitable endeavors that coincide with the company’s core values.

“We are also committing an additional $200,000 on top of this partnership, which will specifically be used to help fight homelessness in Berkeley, and to support organizations that help underrepresented student groups at UC Berkeley.” 

Earlier this year, FTX, the global sister organization of FTX.US, won the stadium naming rights to the home of the NBA’s Miami Heat. The stadium, which was formerly known as the American Airlines Arena, will be called the FTX Arena at the start of the 2021-2022 NBA season. The 19-year partnership agreement is worth $135 million.

In June, both FTX.US and FTX inked a $210 million naming rights deal with TSM. The e-sports organization adopted the name TSM FTX under the agreement that required TSM to purchase FTX’s utility token, FTT.

“Additionally, TSM FTX will distribute cryptocurrency to each of its players and employees as well as purchasing $1 million in FTT, FTX’s native token.”

Featured Image: Shutterstock/IM_VISUALS

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