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The athletic department of California, Cal Athletics has recently revealed that there has been an agreement between the university and crypto exchange FTX. As mentioned in the agreement, the FTX exchange receives naming rights to the field of Golden Bears which is now named FTX Field at California Memorial Stadium for the next 10 years.
Cal Athletics and FTX Crypto Exchange Join Hands
This is not for the first time that FTX crypto exchange has changed the name of something following their partnership as earlier, they changed the name of Miami Dade County Arena.
The 10-year $17.5 million contracts, the payment of the university is yet another first of its kind and is all set to be paid to the Cal Bears Sports Properties of Learfield, which is also the multimedia rights holder of Cal Athletics, completely in cryptocurrency.
Jim Knowlton, the director of Cal Athletics said:
“We believe we have found a great partner in FTX. FTX is a growing company at the forefront of innovation in emerging technology, one that fits well at both Cal and in the Bay Area.”
In addition to this, the agreement mentioned the strategic plans of Cal Athletics and said:
“This agreement extends well beyond field naming rights, which is part of our strategic plan to diversify revenue streams in support of our student-athlete experience and includes commitments for our Cameron Institute, Cal Veterans and students in need here in Berkeley. We are looking forward to building our relationship now and in the years ahead.”
FTX’s Sina Nader on the Recent Partnership
Sina Nader, the United States Chief Operating Officer of FTX, laid an emphasis on appreciating the partnership and said:
“We’re excited to partner with one of the world’s great universities and expand crypto’s presence into the collegiate athletics landscape. This historic partnership will also allow us to collaborate on charitable initiatives that align with our organization’s core values. Personally, I am excited to work alongside my alma mater to collaborate with local communities around a variety of causes.
Moreover, Sina mentioned that they also have plans to do charity and said:
“In the spirit of giving back, we are also committing an additional $200,000 on top of this partnership, which will specifically be used to help fight homelessness in Berkeley, and to support organizations that help underrepresented student groups at UC Berkeley. “