As per the latest reports, FTX, a cryptocurrency derivatives exchange, has made an announcement for the cryptocurrency and the American football community. The exchange has announced that it has successfully acquired the naming rights for Cal Memorial Stadium owned by California University.
The company has announced that with the new deal between both entities, FTX will be able to put its owning brand on the Stadium for more exposure and advertisement purposes.
Following the acquisition of night rights, the company has announced that it will proceed with the introduction and advertisement of its own branding.
The FTX exchange is reportedly owned by Sam Bankman-Fried who has taken much interest in sports in the recent months for promotion of the exchange. Similarly, Sam’s is proving beneficial for the entire cryptocurrency industry as more people are growing interested in the industry.
The latest deal formed between the two entities would prove to be very promising for both entities. With the latest deal, FTX exchange would have the opportunity of bringing in more crowds from the sports sector. Furthermore, the exchange will also gain exposure in the American football sector with the new deal.
The sources reveal that the newly formed deal between the two entities is going to last for 10-years. As a result of the deal, FTX now has the naming rights of the Cal Memorial Stadium. The sources have also confirmed that the deal has cost FTX a whopping figure of $17.5 million.
Following the deal, the brand names on the stadium field would be changed. The stadium field will now have the FTX branding on them and it will be taking place from the running seasons. For the running season, the Cal Golden Bears will be playing their practice matches on the FTX branded stadium field.
The most interesting aspect of the deal between the FTX exchange and California University is that the $17.5 million amount will be given out in the form of cryptocurrencies.
With this deal, FTX is going to make another major contribution to the exposure and awareness of the cryptocurrency industry in the sports sector.
This is not the first time FTX has undergone a deal with a club or a stadium in terms of a naming rights deal. It was back in March, when FTX.US, the exchange’s North American division went ahead and finalized a naming rights deal with a basketball team.
Even at that time, FTX had found itself in the headlines when it brought Miami Heat on board by forming a naming rights deal with them. As a result of the deal, the home stadium of the Miami Heat team was rebranded to advertise and show FTX Arena on it.