FTX Bags Naming Rights Of Cal Memorial Stadium For $17.5M To Display Their Brand

Cal Memorial Stadium has sold its naming rights to FTX during its second vital branding move. This venture was put forward after the purchase of the Miami Heat Arena’s naming rights in March. FTX is a Crypto derivative exchange that bought the Cal Memorial Stadium from California University. This move by FTX aims to introduce its brand to the stadium. This derivatives exchange owned by Sam Bankman-Fried is exploring further in sports. That is why; they have made a 10 year deal of $17M just for the university’s stadium naming rights. The stadium’s home team, the Cal Golden Bears, will now carry the new brand to create more crypto awareness. As stated by Bloomberg, from now onwards, anytime the home team will play their game this season, they will be wearing the latest FTX Field brand. Related Reading | Total Cryptocurrency Market Cap Value Surges Across $1.9 Trillion Setting A New Record Furthermore, the $17 million deal for the university’s naming rights is paid in cryptocurrency assets. This current deal is the latest inroad into sports sponsoring to create more awareness for crypto. FTX U.S. Partnered Miami Heat Basketball squad Last March, FTX.US, a North American sector of this same exchange, signed a naming rights contract with the Miami Heat Basketball squad. Due to this partnership, the stadium’s home team was rebranded to an FTX Arena. The organization also becomes the formal crypto exchange of MLB {Ma...