Digital Asset Exchange FTX to Pay $ 17,500,000 in Crypto for Exclusive Naming Rights to Cal Memorial Stadium
The United States-regulated cryptocurrency exchange FTX.US announces a multi-million dollar deal to acquire the naming rights to the grounds of California Memorial Stadium.
According to a press release, FTX.US has entered into a sponsorship agreement with Learfield, media rights holder of Cal Athletics, to Rename the place.
âAs part of the $ 17.5 million deal, LEARFIELD will accept full payment in cryptocurrency on behalf of the university. Through this historic 10-year agreement, FTX receives the naming rights to the California Memorial Stadium field, which will be known as FTX Field at California Memorial Stadium. “
The deal between FTX.US and LEARFIELD is the “first-ever collegiate cryptocurrency naming rights sponsorship,” the statement said.
Sina Nader, chief operating officer of FTX.US, said the cryptocurrency exchange will also donate to charities that align with the company’s core values.
“We are also committed $ 200,000 in addition to this partnership, which will serve in particular to fight homelessness in Berkeley, and to support organizations that help under-represented student groups at UC Berkeley.
Earlier this year, FTX, the global sister organization of FTX.US, won the stadium naming rights to the home of the Miami Heat in the NBA. The stadium, formerly known as the American Airlines Arena, will be called the FTX Arena at the start of the 2021-2022 NBA season. The 19-year partnership agreement is worth $ 135 million.
In June, FTX.US and FTX signed $ 210 million naming rights OK with TSM. The esports organization adopted the name TSM FTX as part of the agreement that required TSM to purchase FTX’s utility token, FTT.
âAdditionally, TSM FTX will distribute cryptocurrency to each of its players and employees and purchase $ 1 million in FTT, FTX’s native token.â
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in Affiliate Marketing.
Featured Image: Shutterstock / IM_VISUALS