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FTX buys California Memorial Stadium naming rights in a $17.5 million deal

coingape.com 23 August 2021 14:16, UTC
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Cryptocurrency exchange, FTX.US recently announced its long-term partnership with the Cal Memorial Stadium, located on the campus of the University of California, Berkeley. The exchange has purchased the stadium’s naming rights in a 10-year contract, worth $17.5 Million.

Cal Golden Bears’ First game after FTX deal

University of California’s, Cal Golden Bears will be playing their home opener and first game under this deal in the upcoming season. This deal has sparked a professional and personal investment for FTX. Sina Nader, the exchange’s Chief Operating Officer used to be a walk-on member of the Golden Bears during his under graduation. Furthermore, the founder and Chief Executive Officer, Sam Bankman-Fried’s father also happen to be an alumnus.

Learfield, the multimedia rightsholder of Cal Athletics, has announced that it will be accepting payment in cryptocurrency. This deal has come as Cal Athletics’ savior as the university has fallen back financially to support its sports department for a few years now.

FTX second naming rights deal

After buying the Cal Memorial Stadium naming rights, FTX has now signed two naming rights deals since June 2021. This year in June, the derivative exchange signed a $210 million naming rights deal with the world’s biggest pro-e-sports team TSM. The long-term multi-million-dollar partnership is divided between FTX Trading Limited, and its parent company West Realm Shires Services Inc. FTX highlighted that this partnership will gravitate towards expansion into new mobile platforms. It also aims to utilize the funds towards setting up shop in Asia, Europe, South America, etc.

FTX cryptocurrency exchange had an exceptional valuation of $18 billion, after its recent funding round. It announced the closure of the largest funding round in crypto history with a $900 million fundraise in a Series B funding round. The funding round saw the participation of crypto giants including Sequoia Capital, Third Point, Lightspeed Venture Partners, Coinbase Ventures, Softbank. The series B funding round saw the total investor lineup to be as high as 60.

“The primary goal of the raise was to [find] strategic allies who can help FTX grow its brand,” but the capital itself will be primarily used for acquisitions, any of those are businesses where we think we have a lot of value to add, implementing the tools that we’ve built, and frankly, in some cases, us implementing what they’ve built,”, said Sam Bankman-Fried, CEO, FTX exchange.

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