FTX.US, the U.S. affiliate of crypto exchange FTX, has signed a $17.5 million, 10-year agreement with Cal Athletics for the naming rights to the field at California Memorial Stadium.
- The field will be known as the “FTX Field” at the California Memorial Stadium and is FTX.US’ first college-related cryptocurrency naming rights sponsorship. Cal Athletics is the University of California’s flagship campus at Berkeley.
- Cal Athletics’ multimedia rights holder Learfield will accept the payment in cryptocurrency on behalf of the university.
- This year, FTX has been on a sports and e-sports sponsorship spending spree. In March, the exchange secured the naming rights to the home arena of NBA team Miami Heat for a reported $135 million, while in June, the exchange paid $210 million to acquire the naming rights for e-sports organization TSM.
- The latest deal involves FTX featuring its branding on press backdrops and launching a platform with Cal Athletics that aims to support projects across philanthropic causes.
- FTX had a connection to Cal Athletics through its chief operating officer Sina Nader, who went to college there and was a walk-on member of the football team. “We’re excited to partner with one of the world’s great universities and expand crypto’s presence into the collegiate athletics landscape,” Nader said in a press release.