Recently, Cal Memorial Stadium has sold its naming rights to crypto exchange platform FTX. The deal comes after the company successfully bagged the Miami Heat Arena’s naming rights March of this year.
FTX’s recent Cal Memorial Stadium deal where it purchased the naming rights from California University is part of the crypto exchange’s plan to introduce its brand to a wider audience.
The crypto exchange, which is owned by Sam Bankman-Fried, is slowly but surely expanding its presence into sports, because of the industry’s highly active and tech-savvy fans.
FTX’s $17 million, 10-year deal with the California University is certainly a wise investment given the stadium’s large numbers of annual audience.
FTX bearer
With the newly-signed deal, the Cal Golden Bears, the stadium’s home team, will now carry FTX’s logo, which would help the crypto exchange reach out to more audiences. This part of the deal was confirmed by Bloomberg.
FTX.US, the crypto exchange’s North American subsidiary, partnered with another sports team last March, that time, with Miami Heat Basketball. Through this deal, the home team’s stadium was rebranded to FTX Arena.
In another sports deal, FTX has also signed a deal with Major League Basketball (MLB) to be its formal crypto exchange. It is also expected that MLB umpires will now wear FTX branded uniforms.
More than $10 billion
FTX is one of the fastest-rising crypto exchanges in the world, and with its multiple deals to expand its brand awareness, it has the big potential to catch up with some of the world’s biggest crypto exchanges.
Aside from its series of successful deals, the crypto exchange — which is now worth more than $10 billion — has also raised a $900 million fund to take advantage of an “exchange decacorn” position.
Image courtesy of Cointelegraph News/YouTube
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