Aug 29, 2021 05:20
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 {Major League Baseball}. This is a segment of the sponsorship contract which is anticipated to remain for about 5 years. In fact, all the Major League Baseball umpire is expected to wear the firms’ mark on their respective uniforms. Countless FTX executives have time-honored ties as well with the Cal Golden Bears. For instance, Sina Nader, the COO (Chief Operating Officer), serves as a Golden Bears walk-on member during his undergraduate years. Last June, Tom Brady, the quarterback seven-time champion of the Super Bowl, and Gisele Bündchen, his wife, became Crypto derivative exchange’s partners to encourage crypto adoption. Because of this deal, Bündchen and Brady collected FTX equity stakes, each thus receiving crypto in exchange. Furthermore, according to the report from our source on the 20th of July, FTX breaks the funding record of crypto. They raised their funding to $900 million to take on an “exchange decacorn” position. This particular company is worth more than $10 billion. Related Reading | Microsoft To Fight Piracy With Ethereum, Introduces Project Argus This latest deal by FTX as the Major League Baseball official sponsor has prepared the way for a wider and acceptable awareness for digital assets. According to the tweet on Wednesday by Sam Bankman-Fried, this five-year contract may evolve to include alliances. Featured Image From Pixabay
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